SEZ Act of 1995 Quiz

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According to the Special Economic Zone Act of 1995, what is the declared policy of the government regarding private enterprise?

To discourage private enterprise

To nationalize all private enterprises

To recognize the indispensable role of the private sector (correct)

To limit private enterprise to certain industries

What is the purpose of establishing special economic zones in suitable and strategic locations in the country?

To provide jobs to people in urban areas

To decrease the productivity of Filipino labor

To increase the cost of living for people in rural areas

To improve the level and quality of living conditions for people, especially those in rural areas (correct)

What is the objective of the government in promoting the preferential use of Filipino labor, domestic materials, and locally produced goods?

To increase the cost of production

To make local products more competitive (correct)

To attract foreign investments

To make local products less competitive

What is the role of the government in the establishment of special economic zones?

To actively encourage, promote, induce, and accelerate a sound and balanced industrial, economic, and social development of the country Signup and view all the answers

What is the purpose of providing incentives to needed investments?

To attract legitimate and productive foreign investments Signup and view all the answers

What is the objective of the government in establishing special economic zones in suitable and strategic locations in the country?

To provide jobs to the people especially those in the rural areas Signup and view all the answers

What is the declared policy of the government regarding the use of Filipino labor, domestic materials, and locally produced goods?

To promote their use Signup and view all the answers

What is the purpose of adopting measures that help make Filipino labor, domestic materials, and locally produced goods competitive?

To make them more competitive Signup and view all the answers

What is the objective of the government in actively encouraging, promoting, inducing, and accelerating a sound and balanced industrial, economic, and social development of the country?

To provide jobs to the people especially those in the rural areas Signup and view all the answers

What is the purpose of the Special Economic Zone Act of 1995?

To translate into practical realities the State policies and mandates in the 1987 Constitution Signup and view all the answers

Which of the following is not a type of economic zone defined by the Special Economic Zone Act of 1995?

Tourist-only zone Signup and view all the answers

What is the main purpose of establishing special economic zones in the Philippines?

To attract foreign investors and generate employment opportunities Signup and view all the answers

What is the definition of an industrial estate according to the Special Economic Zone Act of 1995?

A tract of land subdivided and developed for industrial use Signup and view all the answers

What is the purpose of creating a separate customs territory within special economic zones according to the Special Economic Zone Act of 1995?

To decrease import duties on goods entering the zone Signup and view all the answers

What is the definition of an export processing zone according to the Special Economic Zone Act of 1995?

A specialized industrial estate located within customs territory Signup and view all the answers

What is the main objective of the Special Economic Zone Act of 1995?

To create a legal framework and mechanisms for economic zones Signup and view all the answers

What is the definition of a free trade zone according to the Special Economic Zone Act of 1995?

An isolated policed area adjacent to a port of entry Signup and view all the answers

What is the purpose of promoting financial and industrial cooperation between the Philippines and industrialized countries according to the Special Economic Zone Act of 1995?

To modernize the country's industrial sector Signup and view all the answers

What is the definition of special economic zones according to the Special Economic Zone Act of 1995?

Areas with the potential to be developed into various centers Signup and view all the answers

What is the purpose of stimulating the repatriation of Filipino capital according to the Special Economic Zone Act of 1995?

To provide attractive climate and incentives for business activity Signup and view all the answers

What is the purpose of the Electronic Zone Transfer Document (eZTD)?

To replace all PEZA permits related to the transfer of goods Signup and view all the answers

What is the purpose of the General Transportation Surety Bond (GTSB)?

To guarantee the direct and faithful delivery of goods Signup and view all the answers

What is the equivalent of the General Transportation Surety Bond (GTSB)?

Estimated duties and taxes on all goods to be transferred by the originating PEZA-registered enterprise to all its intended recipient PEZA-registered enterprises for a period of seven (7) days Signup and view all the answers

What is required for PEZA-registered enterprises transferring goods within the purview of the Order?

To post a General Transportation Surety Bond (GTSB) Signup and view all the answers

What is the period covered by the face value of the General Transportation Surety Bond (GTSB)?

Seven (7) days Signup and view all the answers

What is the purpose of the PEZA-registered enterprise's enrollment with a PEZA-accredited VASP?

To enroll in the eZTS Signup and view all the answers

What is the responsibility of the PEZA-registered enterprise in relation to the applications for e-LOA and e-ZDTS?

To be accountable for all applications electronically filed in its name Signup and view all the answers

What is required for the first-time transfer of goods by a PEZA-registered enterprise?

An affidavit indicating the total estimated value of all goods to be transferred for a three (3)-month period Signup and view all the answers

What is the validity period of the GTSB according to the text?

One year Signup and view all the answers

What is the consequence of an increase in the value of goods actually transferred after a six-month period according to the text?

Increase the face value of the original GTSB Signup and view all the answers

What is the purpose of furnishing PEZA a copy of the GTSB duly approved by the BOC according to the text?

To authenticate the copy submitted Signup and view all the answers

What is the role of the BOC in the process of increasing the face value of the original GTSB according to the text?

To check the authenticity of the Bond and Official Receipt Signup and view all the answers

What is the required action if the original Bond and Official Receipt are lost according to the text?

Submit a notarized affidavit of loss Signup and view all the answers

What is the consequence of submitting an unauthenticated copy of the GTSB to PEZA according to the text?

Reject the application for authentication Signup and view all the answers

Who is responsible for increasing the face value of the original GTSB according to the text?

The importer Signup and view all the answers

What is the definition of 'transfer of goods' according to this Order?

The clearance and release of goods from a PEZA-registered enterprise to another location within the same economic zone Signup and view all the answers

What is the consequence of misrepresenting facts in the GTSB according to the text?

Liability of the originating-PEZA enterprise Signup and view all the answers

What is the required action if the GTSB is lost according to the text?

Submit a notarized affidavit of loss Signup and view all the answers

What does 'intra-zone transfer' mean according to this Order?

The transfer of goods from a PEZA-registered enterprise to another PEZA-registered enterprise within the same economic zone Signup and view all the answers

What does 'rer-zone transfer' mean according to this Order?

The transfer of goods between two different economic zones Signup and view all the answers

What does the eZTS stand for?

Electronic Zone Transfer System Signup and view all the answers

Who will operate the eZTS according to this Order?

PEZA-accredited VASPs Signup and view all the answers

What is the Electronic Letter of Authority (eLOA) according to this Order?

A document that allows the transfer of goods from a PEZA-registered enterprise to another PEZA-registered enterprise Signup and view all the answers

What is the scope of this Order?

This Order applies to all transfers of goods by a PEZA-registered enterprise to another PEZA-registered enterprise or to another facility of the same enterprise located in another PEZA economic zone Signup and view all the answers

Who is required to secure the Electronic Letter of Authority (eLOA) according to this Order?

The originating PEZA-registered enterprise transferring the goods Signup and view all the answers

SEZ Act of 1995 Quiz

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Questions and Answers

According to the Special Economic Zone Act of 1995, what is the declared policy of the government regarding private enterprise?

What is the purpose of establishing special economic zones in suitable and strategic locations in the country?

What is the objective of the government in promoting the preferential use of Filipino labor, domestic materials, and locally produced goods?

What is the role of the government in the establishment of special economic zones?

What is the purpose of providing incentives to needed investments?

What is the objective of the government in establishing special economic zones in suitable and strategic locations in the country?

What is the declared policy of the government regarding the use of Filipino labor, domestic materials, and locally produced goods?

What is the purpose of adopting measures that help make Filipino labor, domestic materials, and locally produced goods competitive?

What is the objective of the government in actively encouraging, promoting, inducing, and accelerating a sound and balanced industrial, economic, and social development of the country?

What is the purpose of the Special Economic Zone Act of 1995?

Which of the following is not a type of economic zone defined by the Special Economic Zone Act of 1995?

What is the main purpose of establishing special economic zones in the Philippines?

What is the definition of an industrial estate according to the Special Economic Zone Act of 1995?

What is the purpose of creating a separate customs territory within special economic zones according to the Special Economic Zone Act of 1995?

What is the definition of an export processing zone according to the Special Economic Zone Act of 1995?

What is the main objective of the Special Economic Zone Act of 1995?

What is the definition of a free trade zone according to the Special Economic Zone Act of 1995?

What is the purpose of promoting financial and industrial cooperation between the Philippines and industrialized countries according to the Special Economic Zone Act of 1995?

What is the definition of special economic zones according to the Special Economic Zone Act of 1995?

What is the purpose of stimulating the repatriation of Filipino capital according to the Special Economic Zone Act of 1995?

What is the purpose of the Electronic Zone Transfer Document (eZTD)?

What is the purpose of the General Transportation Surety Bond (GTSB)?

What is the equivalent of the General Transportation Surety Bond (GTSB)?

What is required for PEZA-registered enterprises transferring goods within the purview of the Order?

What is the period covered by the face value of the General Transportation Surety Bond (GTSB)?

What is the purpose of the PEZA-registered enterprise's enrollment with a PEZA-accredited VASP?

What is the responsibility of the PEZA-registered enterprise in relation to the applications for e-LOA and e-ZDTS?

What is required for the first-time transfer of goods by a PEZA-registered enterprise?

What is the validity period of the GTSB according to the text?

What is the consequence of an increase in the value of goods actually transferred after a six-month period according to the text?

What is the purpose of furnishing PEZA a copy of the GTSB duly approved by the BOC according to the text?

What is the role of the BOC in the process of increasing the face value of the original GTSB according to the text?

What is the required action if the original Bond and Official Receipt are lost according to the text?

What is the consequence of submitting an unauthenticated copy of the GTSB to PEZA according to the text?

Who is responsible for increasing the face value of the original GTSB according to the text?

What is the definition of 'transfer of goods' according to this Order?

What is the consequence of misrepresenting facts in the GTSB according to the text?

What is the required action if the GTSB is lost according to the text?

What does 'intra-zone transfer' mean according to this Order?

What does 'rer-zone transfer' mean according to this Order?

What does the eZTS stand for?

Who will operate the eZTS according to this Order?

What is the Electronic Letter of Authority (eLOA) according to this Order?

What is the scope of this Order?

Who is required to secure the Electronic Letter of Authority (eLOA) according to this Order?

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