Economic and Social Development – 2003

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Economic and Social Development – 2003

2003

Intermediate Implementation Intermediate implementation

In 2003 the ARMM Department of Trade and Industry called for the regional legislature to expedite the passage of the Regional Economic Zone Authority (REZA) bill in order to boost local and foreign investment through tax incentives and revenue holidays.1 On 15 August 2003, the regional assembly passed the RIZA law in accordance with the 1996 accord. The RIZA law provides the legal mechanism for the creation, operation, administration, and coordination of the special economic zones within the region.2 This also paved the way for the formulation of policies for various socio-economic development programs including the local tax code, and preferential rights over the exploration, development and utilization of natural resources in the autonomy area.

  1. “Mindanao Region Calls for Rapid Passage of Bill to Boost Investment in Philippines,” World Markets Analysis, January 10, 2003.
  2. “ARMM ecozone authority gets P13M,” Alternate Forum for Research in Mindanao, accessed August 31, 2012, http://www.afrim.org.ph