NEWSFLASH

---

CONGRESS APPROVES FOUR NEW ECOZONES

Batasang Pambansa, Feb. 24, 1998 - Four new ecozones which will generate employment and boost Philippine exports have been approved by Congress in Tawi-Tawi, General Santos, Davao City and Davao Oriental. Ecozones have proven to be irresistible magnets for foreign investors and were successful in industrializing Taiwan, Singapore, South Korea and China.

According to Speaker Jose de Venecia, the need for more Special Economic Zones is extremely urgent. The country's exports, he said, leave much to be desired at $13.45 billion compared to Malaysia's $40.71 billion, Singapore's $63.39 billion and Thailand's $32.47 billion.

Existing special ecozones are: the Marivelez Export Processing Zone, Mactan EPZ, Baguio EPZ, Subic Free Port and Clark, all government-run.

Privately owned economic zones are in Laguna and Cavite, with more zones in Port Irene, Cagayan and in Butuan City and Zamboanga City.

More than 500,000 people are employed in the special zones, which account for exports totalling $2.45 billion, or 20% of the country's total exports.

De Venecia hopes that exports will increase by 30% to 50% annually with the establishment of more ecozones, to put the Philippines in league with major exporting and industrializing nations.

---