Appropriation.
SEC. 47. Appropriation. — Upon the effectivity of this Act, all funds of the former Export Processing Zone Authority (EPZA) shall be transferred to the newly-created Philippine Economic Zone Authority. Thereafter, any sum as may be necessary to augment its capital outlay shall be included in the General Appropriations Act to be treated as an equity of the national government.
Additional funding shall come from the following:
The annual subsidies, appropriations and/or other assets of the exports processing zone, and the industrial estates and other economic areas that have been absorbed/transferred to the PEZA as mandated in this Act;
The proceeds from the rent of lands, buildings, and other properties of the ECOZONES concerned;
The proceeds from fees, charges and other revenue-generating instruments which the PEZA is authorized to impose and collect under this Act;
The proceeds from bonds which the PEZA is authorized to float both domestic and abroad; and
The advance rentals, license fees, and other charges which the PEZA is authorized to impose under this Act and which an investor is willing to advance payment for.
Applicability of National Laws.
SEC. 48. Applicability of National Laws. — National laws shall prevail vis-a-vis ECOZONE rules, regulations and standards, unless there is a clear intent in this Act or other Acts of Congress to vest the ECOZONE specific powers and privileges not otherwise allowed under existing laws.
Authority of the President to Advance Initial Funding.
SEC. 49. Authority of the President to Advance Initial Funding. — Subject to existing laws, the President of the Philippines is hereby authorized to advance out of the savings of the Office of the President such funds as may be necessary to effect the organization of an ECOZONE which shall be reimbursed by the PEZA at reasonable terms and conditions.
Non-applicability on Areas Covered by Republic Act No. 7227.
SEC. 50. Non-applicability on Areas Covered by Republic Act No. 7227. — This Act shall not be applicable to economic zones and areas already created or to be created under Republic Act No. 7227 or other special laws, and governed by authorities constituted pursuant thereto.
Any provision of this Act which provides benefits or privileges less than those granted or imposes obligations or burdens more onerous to special economic zones created or to be created under special laws shall not apply to them.
Ipso-Facto Clause.
SEC. 51. Ipso-Facto Clause. — All privileges, benefits, advantages or exemptions granted to special economic zones under Republic Act No. 7227, shall ipso-facto be accorded to special economic zones already created or to be created under this Act. The free port status shall not be vested upon the new special economic zones.
Separability Clause.
SEC. 52. Separability Clause. — The provisions of this Act are hereby declared separable, and in the event one or more of such provisions or part thereof are declared unconstitutional, such declaration of unconstitutionality shall not affect the validity of the other provisions thereof.
Interpretation/Construction.
SEC. 53. Interpretation/Construction. — The powers, authorities and functions that are vested in the Philippine Economic Zone Authority (PEZA) and the ECOZONES concerned are intended to establish decentralization of governmental functions and authority as well as an efficient and effective working relationship between the ECOZONE, the central government and the local government units.
Repealing Clause.
SEC. 54. Repealing Clause. — All laws, acts, presidential decrees, executive orders, proclamations and/or administrative regulations which are inconsistent with the provisions of this Act, are hereby amended, modified, superseded or repealed accordingly.
Implementing Rules and Regulations.
SEC. 55. Implementing Rules and Regulations. — The Department of Trade and Industry, the National Economic and Development Authority, the Department of Finance, the Bureau of Customs, the Department of Agrarian Reform, the Department of the Interior and Local Government, the Philippine Economic Zone Authority, and the representatives from the technical staff of the Committee on Economic Affairs of both Houses of Congress shall formulate the implementing rules and regulations of this Act within ninety (90) days after its approval. Such rules and regulations shall take effect fifteen (15) days after their publication in a newspaper of general circulation in the Philippines.
Transitory Provision.
SEC. 56. Transitory Provision. — Prior to the effectivity of the implementing rules and regulations of this Act, the provisions of Presidential Decree No. 66, as amended, and its implementing rules and regulations shall remain in force.
Effectivity.
SEC. 57. Effectivity. — This Act shall take effect upon its approval.
Approved,
(Sgd.) EDGARDO J. ANGARA
(Sgd.) JOSE DE VENECIA, JR.
President of the Senate
Speaker of the House of Representatives
This Act which is a consolidation of House Bill No. 14295 and Senate Bill No. 1061 was finally passed by the House of Representatives and the Senate on February 21, 1995.
(Sgd.) EDGARDO E. TUMANGAN
(Sgd.) CAMILO L. SABIO
Secretary of the Senate
Secretary General House of Representatives
Approved: February 24, 1995
(Sgd.) FIDEL V. RAMOS
President of the Philippines
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
