Exploring around the "Secret" Industrial City of Cavite! 🇵🇭 [4K]

Exploring the "Secret" Industrial City of Cavite! 🇵🇭 Let's walk from Tejeros to the Cavite Economic Zone (formerly called EPZA) in Rosario Cavite Philippines. These area are common in the Philippines and some are tax havens (tax perks) for foreign companies and investments. Although these areas were created to build the economy, there is a dark side. The internet has spoke of low wages (many workers still living in slums and can barely afford daily essentials for their families), no paid overtime, as well as poor safety standards for employees. According to google, there are over 380 companies and roughly 70,0000 workers inside this Industrial City, specifically in the Indistrial City of Cavite Free Economic Zone in Rosario/General Trias Cavite. Here is some information in regards to the criticism about Free Economic Zones (Investopedia, Linkedin) Free Economic Zones (FEZs) and Special Economic Zones (SEZs) are criticized for acting as engines of inequality, facilitating illicit trade, and eroding labor and environmental standards. While aiming to attract investment, they often create "enclaves" with poor infrastructure, inadequate oversight leading to corruption, and high costs that rarely deliver on promises of broad economic development. Core Criticisms of Free Economic Zones: - Illicit Activity and Corruption: FEZs are often criticized for lack of transparency. The opaque, under-regulated nature of these areas can facilitate illicit trade, smuggling, fraud, and money laundering. - Poor Economic Outcomes: Research in regions like Indonesia and Sub-Saharan Africa suggests many SEZs fail to provide significant impacts on wages, employment, or overall development. They can become "enclaves" that operate independently of the local economy, using up state infrastructure investment without transferring technology or skills. - Labor and Social Issues: Critics argue that companies in these zones often, as highlighted in reports on Zambia's Chambishi Copper Smelter, offer poor working conditions and suppress worker rights to keep production costs low, including high-stress, low-wage jobs. - Environmental Degradation: To attract foreign investment, countries may lower environmental regulations and oversight, leading to localized pollution and degradation within and around the zones. - Unfair Competition: Domestic firms outside the zone may lose out due to the tax incentives and subsidized infrastructure provided to foreign firms inside the zone. - Failed Fiscal Promise: The tax incentives (tax holidays, exemptions) intended to attract investors often result in lost tax revenue for the host government, which may not be offset by the economic benefits generated, notes a study from Center for Global Development. - Dependency on Foreign Capital: An economy can become too reliant on a few foreign firms, making them vulnerable to global market fluctuations or the sudden departure of those companies. Despite these criticisms, FEZs continue to grow in popularity, with over 5,400 zones worldwide as of 2018, according to UNCTAD studies. The success of these zones often depends on the overall investment climate and the quality of governance within the host country. Watch my ASMR Walking Shorts here: https://www.youtube.com/playlist?list=PLTzPq-w-wBFS5jQY66blXOjmQk3rcaHOp Walk with Krypto Trekker: https://kryptotrekker.carrd.co Check out the World's Largest Prediction Market, join the comminity! https://polymarket.com?via=kt LIVE STREAMING https://pump.fun/coin/Bf4fvGze75wWZfacZkVZtiwBNJAyeUFkGuDFWjYRpump Join my other channels! - Mister Salamat: https://www.youtube.com/@mistersalamat Don't forget to comment, like, subscribe and hit that NOTIFICATION BELL for more videos! =) Sponsor a Feeding Project Video: [email protected] Krypto Trekker Merchandise is here! http://bit.ly/KTmerch Join the KT Family, become a MEMBER here: https://bit.ly/JoinKTNow Save up to 60% off your TRAVEL: https://www.travala.com/ref/NZYK9H Book a Legit Onward Ticket for only $12 USD: (Valid for 48 hours) https://bestonwardticket.com/?ref=148 Check out this free app — It Pays to Walk 🚶 https://sweatco.in/i/ktwalks Be Anonymous - Online Privacy and Protection - Free 30 Day Trial (Express VPN) http://bit.ly/VPN4Free30Days SOCIAL MEDIA: - Facebook, https://www.facebook.com/KryptoTrekker/ - TikTok, https://vm.tiktok.com/ZSJfkG1Nf/ (@kryptotrekker) - Soundcloud (Audio only, ASMR, Binaural Sounds - No Ads): https://soundcloud.com/kryptotrekker - Instagram, @kryptotrekker - Twitter, @KTrekker Are you a Walktuber? Join our Global Walktuber Group: https://www.facebook.com/groups/globalwalktubers/ ****Disclaimers: Some Links Above include Affiliate links, I may earn a commission if you use my link. I'm Not a financial advisor, my videos are for educational purposes only. Unauthorized use of our videos is subject to criminal copyright case. Send us a message for business inquiries. Contact: [email protected]