Question & AnswerQ&A (PROCLAMATION NO. 303)
Proclamation No. 303 creates and designates a building and the parcel of land where it stands in Barangay Piapi, Dumaguete City, Negros Oriental, as a Special Economic Zone (Information Technology Center) pursuant to Republic Act No. 7916 as amended by Republic Act No. 8748.
The President of the Republic of the Philippines has the authority to create and designate Special Economic Zones pursuant to Republic Act No. 7916, as amended by Republic Act No. 8748.
The legal basis is Republic Act No. 7916, also known as the Special Economic Zone Act of 1995, as amended by Republic Act No. 8748.
The Special Economic Zone covers a building with a gross floor area of approximately 11,246.48 square meters and a parcel of land measuring about 3,785 square meters located along Flores Avenue, Barangay Piapi, Dumaguete City, Negros Oriental. The boundaries are described by adjoining lots and specific bearings and distances as per the approved land survey.
The Board of Directors of the Philippine Economic Zone Authority (PEZA) recommended the creation of the Special Economic Zone.
The Special Economic Zone is subject to the provisions of RA No. 7916 as amended, its Implementing Rules and Regulations, and various PEZA Board of Directors Resolutions cited in the proclamation.
PEZA Board of Directors Resolutions provide detailed rules, regulations, and amendments governing the administration, operation, and incentives available in the Special Economic Zone.
Proclamation No. 303 was signed by President Ferdinand Romualdez Marcos Jr. on July 25, 2023, in Manila, Philippines.
The designation subjects the area to special economic regulations designed to promote investment, economic activity, and development, including potential fiscal and non-fiscal incentives under RA 7916 and its amendments.
Republic Act No. 7916 is commonly known as the Special Economic Zone Act of 1995.