ATN gets initial clearance to have property declared ecozone

By Victor V. Saulon, Sub-Editor
ATN Holdings, Inc. has received pre-qualification clearance from the Philippine Economic Zone Authority (PEZA) on its application to have a property in Rodriguez, Rizal declared a special economic zone, the company told the stock exchange on Friday.
The listed firm, which invests in real properties and stocks, said it had received on Friday the PEZA resolution dated April 26 for the declaration of the 2,561,017-square-meter or 256.1017-hectare area in Barangay Macabud, Rodriguez (Montalban), Rizal.
The approval is subject to a Presidential Proclamation. The property will be known as ATN Industrial Technology City. Locators in a special economic zone enjoy fiscal and non-fiscal incentives.
ATN said prospective international partners and investors had expressed interest “to locate their export manufacturing businesses in the property” as well as in a joint venture in the government’s various “Build, Build, Build” projects.
The property is registered under the name of the firm’s fully owned subsidiary Palladian Land Development Inc., which is engaged in real estate development.
ATN said its ecozone is aimed at supporting Executive Order No. 5 issued in 2016 to accelerate infrastructure projects.
The company in a statement said the order is consistent with the Philippine Development Plan for 2017-2022 “and supported by legislative approval through various laws on infrastructure, investments and taxation geared towards the development of the Philippines.”
The company said further it had achieved “major milestones” in the Rodriguez property, including the construction in 2017 of 225 distribution line facilities to three tapping points of the Manila Electric Co.
ATN has also completed the procurement and installation of substation equipment, including medium voltage switchgears, transformers, ring main units and distribution cables. It has also built a 500 ton-per-house crusher plant with the commissioning of primary crushers set this month.
ATN said it had also constructed internal road development and land development works with environmental facilities. It has also reached financial closing with commercial banks for project development in the ecozone area.
Shares in ATN were trading lower by 1.49% at P0.66 each on Friday.