Roxas Blvd land declared special investment zone
By Julie M. Aurelio
Philippine Daily Inquirer
First Posted 19:44:00 05/20/2008
Filed Under: Economy, Business & Finance,Local authorities
MANILA, Philippines -- The Pasay City government has declared part of the reclamation area along Roxas Boulevard as a special investment zone in a bid to invite more investments into the city.
Under city ordinance 2008-4077, the land west of Roxas Blvd. will be a special investment zone and will no longer be subject to the territorial jurisdiction of any village.
In effect, the city government will directly take control of the 50.45 hectares where popular commercial centers such as the SM Mall of Asia, HK Sun Plaza and the Bluewave arcade are found.
"This will mean that the area will be a commercial area and not primarily a residential area," explained Manny Aun, the city's public information officer.
The special investment district is part of Barangay 76 in Pasay City, which has less than 5,000 residents, according to the city planning office.
In the two-page ordinance sponsored by city councilor Ma Luisa Petallo, the 50.45 hectares will no longer be under the jurisdiction of a village or any village policy, rules, resolutions or ordinances.
"To spur economic growth, there is a need to declare the entire area as a special zone to entice investment, business and tourism, with benefits such as tax breaks and tax incentives," part of the ordinance read.
The real property tax of the village would also be distributed to other villages in Pasay City, Aun added.
Thirty percent of the real property tax would be allotted for the 201 villages, while 70 percent would go to the city's general fund.
City Mayor Wenceslao Trinidad pointed out that the special investment zone had too big a land area and few residents, thus its income must be redistributed to poorer villages in Pasay City.
"We need to spread its income," he added.
Meanwhile, the Pasay City council also enacted another ordinance authorizing the mayor and the city council to exercise control over the special investment zone.
The ordinance was sponsored by Petallo and fellow councilor Reynaldo Padua.
Under ordinance 2008-4177, the mayor will be the ex-officio village chief, while the city council will form the village council.
Aun however said the local village chairman would still be allowed jurisdiction over the bonafide residents of Brgy 76.
The mayor and the city council will not be entitled to additional compensation under the ordinance.
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