Photo Release

Drilon on the Creation of SpeDEZ: Senate Minority Leader Franklin Drilon warns against the creation of Special Defense Economic Zone (SpeDEZ) which, he said, may run counter to the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill and the policy of the Department of Finance (DOF) on the creation of economic zones and the granting of fiscal incentives. During the Economic Affairs Committee virtual hearing Thursday, October 15, 2020, Drilon asked if the panel has secured the opinion of the DOF with regard to the creation of defense economic zone. “While we support this measure, it will run counter to the policies of the Department of Finance to rationalize the incentives, including investment promotion agencies’ authority to grant incentives which, I presume, is being granted to the (proposed) agency in the defense industry,” Drilon said. (Screen grab/Senate PRIB)