Bill creating Bulacan economic zone lapses into law

Bulacan map
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THE bill seeking the creation of the Bulacan Special Economic Zone and Freeport Authority has lapsed into law on June 13, 2024, the Malacañang said Friday, June 28.

The bill will be known as Republic Act 11999, or the “Bulacan Special Economic Zone and Freeport Act.”

Under the law, the Bulacan Special Economic Zone and Freeport, which will be known as the “Bulacan EcoZone,” or (BuZ), is where the New Manila International Airport will be constructed, as it is to be developed into and operated as a "decentralized, self-reliant and self-sustaining, aviation hub, industrial, commercial, trading, agro-industrial, tourism, retirement, banking, financial and investment center, emerging and future technologies, with suitable residential areas."

It will be managed by the Bulacan Special Economic Zone and Freeport Authority, or the Beza, which shall be organized within 180 days upon the effectivity of the law. The law will take effect 15 days following the completion of its publication in the Official Gazette, or in a newspaper of general circulation.

The Beza is mandated to consult the National Economic and Development Authority (Neda) in the establishment of the general framework for land use, planning and development for the area covered by BuZ, consistent with the Philippine Development Plan of the government.

It shall have an authorized capital stock of P2 billion in which the majority shares shall be subscribed and paid for by the National Government and the local government units embracing the ecozone.

As for revenues, the Beza and affected local government units (LGUs) shall be entitled to a share in the special corporate income tax under Republic Act 8424, otherwise known as the "National Internal Revenue Code (NIRC) of 1997" as amended, from all registered business enterprises within the ecozone.

Forty percent of the corporate income tax will proceed to the National Government; 20 percent to Beza for infrastructure development; and 40 percent to the concerned LGUs.

Earlier, Senator Grace Poe, who sponsored the measure in the Senate, said the projected economic gains from the proposed Bulacan Special Economic Zone and Freeport could reach P130.9 billion and could generate 800,000 to 1.2 million jobs for Filipinos. (TPM/SunStar Philippines)

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