Section 47Sec./Art. 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:

a. 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;

b. The proceeds from the rent of lands, buildings, and other properties of the ECOZONES concerned;

c. The proceeds from fees, charges and other revenue-generating instruments which the PEZA is authorized to impose and collect under this Act;

d. The proceeds from bonds which the PEZA is authorized to float both domestic and abroad; and

e. 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.