A BILL that seeks to set up a special economic zone (ecozone) in Marikina City has been filed at the House of Representatives.
Filed on Feb. 20, House Bill (HB) No. 11465 proposes the creation of an economic zone at a site in Barangay Tumana, Marikina, according to a copy of the measure obtained by BusinessWorld.
“Marikina has historically been a center for micro, small, and medium enterprises (MSMEs), particularly in the footwear and leather industries. However, changes in global trade, shifting market dynamics, and infrastructure limitations have constrained its ability to compete on a larger industrial scale,” Marikina Rep. Stella Luz A. Quimbo, the bill’s author, said in the measure’s explanatory note.
Marikina City was home to 19,682 MSMEs in 2024, according to city data.
The measure also proposes the creation of a Marikina Ecozone Authority (MARECA) that would oversee the economic zone’s operations, which is expected to rise at a property owned by the Government Service Insurance System (GSIS).
Under the bill, MARECA will have authorized capital stock of P2 billion, with 60% of shares to be subscribed for and paid by the National Government and the GSIS.
Foreigners looking to invest in the Marikina economic zone will be eligible for an investor visa if they inject $200,000 into a registered enterprise, according to the bill.
Businesses within the economic zone are also exempt from paying income, donor’s, and documentary stamp duties, according to the measure.
“Business establishments operating within the Marikina ecozone… shall pay 5% final tax on special corporate income tax.”
“Under this measure, the Marikina ecozone will be developed as an industrial and commercial hub with access to modern infrastructure, streamlined regulatory processes, and targeted incentives designed to attract and retain investors,” according to the bill. — Kenneth Christiane L. Basilio