Zamboanga city: The Zamboanga City Special Economic Zone Authority and Freeport (Zamboecozone) has turned over a check amounting to P1.8 million to the local government, fulfilling its statutory obligations and showcasing its commitment to local economic growth.

According to Philippines News Agency, Zamboecozone Chairman and Administrator Raul Regondola personally delivered the revenue share check to Mayor Khymer Adan Olaso in a formal ceremony at the City Mayor's Office. Regondola highlighted the critical role of the economic zone in enhancing the city's development.

Regondola stated that the regular remittances signify a thriving business environment within Zamboecozone and a commitment to shared progress. He explained that the statutory share is not merely a financial obligation but a crucial tool that channels freeport revenues into public services, infrastructure, and community development projects benefiting every resident of Zamboanga City.

Mayor Olaso expressed gratitude towards Zamboecozone and commended Regondola for the significant improvements and transformations within the economic zone. The remittance aligns with Republic Act 7903, the Zamboanga City Special Economic Zone Act of 1995, which mandates registered businesses in the zone to remit 3 percent of their annual gross income through Zamboecozone.

The allocated funds are directed to benefit the local community, with 2 percent going to the local government and 1 percent dedicated to the Barangay Special Development Plan, supporting grassroots initiatives. This payment is part of Zamboecozone's annual contributions to the city government.