Three new ecozones being developed

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THREE NEW economic zones are being developed to provide additional areas for manufacturing firms, the head of the Philippine Economic Zone Authority (PEZA) said yesterday.

  "These have been approved and will be for manufacturing companies to locate in," said PEZA Director-General Lilia B. de Lima at the sidelines of a Makati Business Club/Management Association of the Philippines meeting.

A 250-hectare area near Rosario, Cavite is being developed by Megaworld Corp. in partnership with the Remulla family for P1.1 billion while AG&P Co., Inc., an engineering firm, is developing a 46-hectare area in Batangas for its and its suppliers’ exclusive use.

There is also a 33-hectare area in San Jose del Monte, Bulacan but Ms. de Lima did not say which firm is spearheading its development.

The three economic zones are expected to be ready for locators next year.

Ms. de Lima added other areas are being developed into economic zones.

PEZA has said more economic zones, particularly in areas like Cavite, which is accessible from Metro Manila, are needed to draw more investors.

Ms. De Lima also said that Brother Industries Ltd. wants to expand its facility in Batangas.

"They will have two new projects amounting to about P5 billion so even if they have not yet finished their first facility they are already thinking of expanding," said Ms. De Lima.

Japanese firm Brother Industries was approved as a PEZA locator in Jan. It started building its P20-billion printer manufacturing facility that month; the printers will be exported to other Southeast Asian countries. -- ENJD

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SC: Cojuangco’s UCPB shares belong to gov’t

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The Supreme Court has upheld a ruling issued by the Sandiganbayan in 2004 declaring that 7.2 percent in shares of the United Coconut Planters Bank (UCPB) transferred to businessman Eduardo Cojuangco Jr. were owned by the government.

The affirmation, penned by Associate Justice Presbitero Velasco Jr., denied Cojuangco’s petition arguing that the high court had already ruled on the controversial coconut levy fund.

The high court declared as unconstitutional provisions in the agreement between Cojuangco and the Philippine Coconut Administration (PCA) in 1975 which allowed the businessman  “to personally and exclusively own public funds or property.”

Cojuangco is known to have been a crony of the late dictator Ferdinand Marcos and is the uncle of President Aquino.

The agreement had provided for the transfer to Cojuangco “by way of compensation” of 10 percent of the 72.2 percent shares of stock that the PCA purchased using the coco levy fund.

“In sum, Cojuangco received public assets—in the form of UCPB shares with a value of P10.88 million in 1975, paid for with coconut levy funds,” the court said.

It noted that Cojuangco had admitted that the PCA paid the entire acquisition price for the 72.2-percent shares, “which is a clear violation of the prohibition, which the court seeks to uphold.”

“We, therefore, affirm, on this ground, the decision of the Sandiganbayan nullifying the shares of stock transfer to Cojuangco. Accordingly, the UCPB shares of stock representing the 7.22 percent fully paid shares subject of the instant petition, with all dividends declared, paid or issued upon thereon, as well as any increments thereto arising from, but not limited to, the exercise of preemptive right, shall be reconveyed to the government of the Republic of the Philippines, which as we previously clarified, shall be used ‘only for the benefit of all coconut farmers and for the development of the coconut industry.’”

The high court stressed that Cojuangco was not entitled to the UCPB shares which were bought with public funds and as such, were considered public property.

The high court reiterated its January 2012 ruling that the Sandiganbayan had jurisdiction over the subdivided amended complaints that included Cojuangco’s.

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Avail of the opportunity to own a condominium unit in Cebu City together with your own parking space at the low amount of only P12,000.00+ and House and Lot @ P 7,306.81/month only. Hurry while supply of units still last. Just call the Tel. Nos. shown herein: (053)555-84-64/09164422611/09173373687.