The Committee on Economic Affairs, chaired by Rep. Arthur Yap, approved House Bill 5016 authored by Baguio City Representative Mark Go establishing the Baguio City, La Trinidad, Itogon, Sablan, Tuba and Tublay Special Economic Zone (BLISTT Ecozone).
The proposed BLISTT Ecozone will comprise a contiguous and compact territory aptly for agro-industrial, industrial, manufacturing, recreational, commercial and financial development having a decentralized, self-reliant and self-sustaining investment center with least government involvement.
“The intent of this bill is to do an expansion program for the existing PEZA in the City of Baguio. As of the moment, the export processing zone in Baguio is already full, but there is so many companies that are interested to put up their operation in Baguio,” the lawmaker said.
The creation of BLISST Ecozone will be a conducive avenue for direct foreign investment, allowing manageable trade, generating more employment and producing goods at lower prices making it more globally competitive. This will totally transform the BLISTT area into an emerging investment hub that would supplement the existing Baguio Economic Zone.
“The BLISTT Ecozone shall be under the direct control and supervision of the Philippine Economic Zone Authority (PEZA). This is an additional economic zone under the umbrella of PEZA similar to that of the Baguio City Economic Zone, Cavite Economic Zone, Mactan Economic Zone and Private Economic Zones,” Go explained.
While there is currently an existing Baguio City Economic Zone, this would not suffice to cater the rising demand for an area that will be suitable for economic development. The BLISTT Ecozone envisioned in this bill will also ensure that the benefits of development are experienced not only within the BLISTT communities but also in its neighboring municipalities and provinces. PR / ABN