PRESIDENT Ferdinand Marcos Jr. has ordered the expansion of the West Cebu Industrial Park (WCIP), a key special economic zone in Balamban town in west Cebu.

The expansion was made official through Proclamation No. 710, which Executive Secretary Lucas Bersamin signed on October 16, under Marcos' authority.

The proclamation, recently made public, designates additional land to be integrated into the industrial park.

The new parcels of land, located in Barangays Arpili and Buanoy, cover a total of 176,783 square meters, or roughly 17.6 hectares.

The decision to incorporate these lands into the existing economic zone followed a recommendation from the board of the Philippine Economic Zone Authority (PEZA), with the aim of further spurring economic growth and industrial activities in the area.

Balamban, a coastal town nestled on the western side of Cebu province, has grown into an industrial and shipbuilding hub.

Historically an agricultural municipality, it has undergone rapid transformation in recent decades due to the shipbuilding industry’s rise.

The West Cebu Industrial Park has been a key player in this industrial development. For over 30 years, the park has been an essential hub for the Philippines’ shipbuilding industry.

It is operated by Cebu Industrial Park Developers, Inc. (CIPDI), a joint venture between the Aboitiz Group and Japan’s Tsuneishi Group.

The park currently spans 540 hectares and is home to 11 locators in medium to heavy industries, including some of the largest shipbuilding companies in the world.

By expanding the park, the government aims to attract more industrial players to Balamban, thereby increasing economic opportunities in the region.

PEZA, which oversees the special economic zones, provides attractive fiscal and non-fiscal incentives to businesses.

These incentives include income tax holidays ranging from four to seven years, special corporate income tax rates for export-oriented firms, and enhanced deductions for both export and domestic market enterprises.

This makes the West Cebu Industrial Park an attractive destination for investors in medium to heavy industries, particularly those in the shipbuilding sector.(MyTVCebu)

• Tags
• #Ferdinand Marcos Jr.
• #BBM
• #West Cebu Industrial Park
• #Balamban Cebu
• #Proclamation No. 710
• #Philippine Economic Zone Authority