CAGAYAN DE ORO CITY (PIA) -- The Phividec Industrial Estate in Misamis Oriental Special Economic Zone (PIEMO-SEZ) has signified its readiness to accommodate potential investors to its ecozone.

In a recent news conference, Phividec Industrial Estate administrator Joseph Donato Bernedo reiterated that they have established crucial infrastructure and support systems necessary for incoming investors or locators.

"All the backbone and support systems for this are in place. Matagal na 'yan [this has long been established]. We have worked according to a master development plan. Lahat yan, nakahanda [everything is ready]," he explained.

Bernedo said that of the estate's 3,000 hectares, 900 hectares are readily available for interested locators.

"We even have cleared property here. It's a 300-hectare site ideal for an integrated steel mill," he added.

PIEMO-SEZ locators will benefit from tax incentives under the CREATE law.

For export activities, investors can enjoy an income tax holiday (ITH) for 6 to 7 years, special corporate income tax (SCIT) or enhanced deductions (ED) incentives for 10 years, value-added tax (VAT) zero-rating and exemption, and customs duty exemption.

For domestic market activities, eligible businesses can enjoy an ITH for 6 to 7 years and a SCIT or ED for 5 years. 

The Philippine Sinter Corporation, a producer of sintered ore exported to Japan, is currently one of the leading locators in PIEMO-SEZ. Other locators are STEAG State Power Inc., FDC Misamis Power Corporation, San Miguel Corporation, Nutrimax Fresh Baked Inc. (Gardenia Bakeries Philippines), Jacobi Carbons Philippines Inc., and Daesang Philippines Corporation, among others.

The special ecozone also has areas suitable for medium-size and light industries. (APB/PIA-10)