Business climate in JHSEZ improves under Aquino Administration
Posted: June 26, 2016 | Category: Freeport And Ecozones
The state-owned Bases Conversion and Development Authority (BCDA) said the investment environment in the John Hay Special Economic Zone (JHSEZ) significantly improved under the Aquino Administration due to good governance.
“Through good governance, we were able to focus on dismantling the culture of impunity espoused by the Sobrepeña-led Camp John Hay Development Corporation and made Camp John Hay more attractive to other investors,” BCDA President and CEO Arnel Paciano D. Casanova said.
According to Casanova, under the Aquino Administration, locators in the JHSEZ rose by 51 percent from 78 in 2011 to 118 business enterprises in 2015.
He added that job generated increased by 261 percent from 1,410 in 2011 to 5.090 in 2015.
He said that among the major investors include the Riverflow Ventures and Power Energy Corporation (RVPEC) consortium represented by Vendeka Bilgi Teknolojileri Ticaret Limited Sirketi and Isabela Power Corporation who will reconstruct, operate and maintain a mini-hydro power plant once used by the Americans when it was still in control of Camp John Hay.
Once completed, the mini-hydro power plant will generate an estimate 3 megawatts of renewable and clean energy.
He said Camp John Hay Development Corporation (CJHDevCo) has no more authority over the John Hay Special Economic Zone and is operating without a legal basis.
Casanova noted that business locators now recognize BCDA’s authority over John Hay after the lease agreement of CJHDevCo has been rescinded by virtue of the Final Award rendered in the arbitration under the Philippine Dispute Resolution Center, Inc. (PDRCI). The Final Award was also confirmed by Branch 6 of the Regional Trial Court (RTC) of Baguio.
Casanova is confident that the Duterte Administration will pursue and continue the gains achieved in the JHESZ.
The John Hay Management Corporation (JHMC) is the management arm of the BCDA in the ecozone.