THE Senate on Thursday, May 26, 2022, approved in third and final reading a bill seeking the establishment of the Bulacan Airport City Special Economic Zone and Freeport Authority.
With 21 affirmative votes, no negative vote and abstentions, the Senate approved the Senate Bill (SBN) 7575, which will pave the way for the establishment of Bulacan Airport City Special Economic Zone and Freeport Authority (BACSEZFA), which will operate a domestic and international airport.
The bill also aims for the development of the areas into a decentralized, self-reliant, and self-sustaining industrial, commercial, agro-industrial, tourist, banking, and financial center.
Under the guidance of the Department of Foreign Affairs, Philippine Economic Zone Authority (Peza) and Department of Trade and Industry, foreign citizens and companies owned by non-Filipinos are welcome to set up enterprises in the ecozone.
Transportation, telecommunications and other facilities to attract legitimate and productive investments as well as generate linkage industries and employment opportunities for residents of Bulakan town and neighboring areas shall be allowed.
"[The bill] would unleash the existing economic energies of the area, undoubtedly attract more sustainable investments both domestic and foreign sources, decongest Metro Manila, and bring much needed economic relief and hope to the Philippines," Senator Richard Gordon, co-author and co-sponsor of the measure said.
“As I said during Peza’s 27th anniversary, '[a]t this point in our country's history, with the prevailing oil price increases, with the pandemic still staring deep into our eyes and our hearts, with more reason that more incentives are needed,” he added. (SunStar Philippines)