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Congress is once more reconsidering the creation of an economic zone in Bulacan
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Several measures seek to address concerns raised by President Ferdinand Marcos, Jr, who had vetoed a similar legislation in 2022
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The proposed ecozone will have as its key locator the P740-billion New Manila International Airport project by San Miguel Corp
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The bills focus on creating the Bulacan Airport City Special Economic Zone and Freeport, addressing concerns previously raised by President Ferdinand Marcos, Jr.
The creation of an economic zone in Bulacan is back on the legislative table.
President Ferdinand Marcos, Jr. had vetoed a similar legislation in 2022 on account of fiscal risks and potential conflicts with other agencies’ mandates.
Senate President Juan Miguel Zubiri and Senators Imee Marcos and Joel Villanueva have separately filed bills for the creation of the Bulacan Airport City Special Economic Zone and Freeport (Bulacan Ecozone) and the establishment of the Bulacan Airport City Special Economic Zone and Freeport Authority (BACSEZFA).
At the House of Representatives a similar measure, House Bill 8841, has already received the green light.
If approved, the ecozone would have the 2,500-hectare P740-billion New Manila International Airport (NMIA) project by San Miguel Corp. (SMC) in Bulakan, Bulacan as key locator. The project began construction in October 2020 and features four parallel runways, a world-class terminal, and an integrated infrastructure network under a 50-year build-operate-transfer arrangement.
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Senate Bill 2266, authored by Zubiri, addresses concerns raised in the previous vetoed bill. The bill is backed by former Subic Bay Metropolitan Authority chairperson and administrator Wilma Eisma, who provides insights on fiscal prudence, potential foregone revenue, and competition with Clark Special Economic Zone.
Eisma said the proposed BACSEZFA will function as a government-owned and controlled corporation remitting 50% of its annual net earnings to the national coffers.
She emphasized that BACSEZFA will not implement additional incentives beyond those granted under Republic Act 11534 or the Corporate Recovery and Tax Incentives for Enterprises Act. She also dismissed concerns of competition with Clark, emphasizing a collective effort to promote the Philippines.
BACSEZFA is expected to contribute significantly to Bulakan, Bulacan and other adjacent municipalities’ economic fortunes with up to P130.9 billion in gross value added annually.
Zubiri and Villanueva project a yearly Philippine export revenue increase of $200 billion from operations of NMIA, a technological hub, a university city, and a medical center.
SB No. 2524, authored by Villanueva, seeks to recalibrate and introduce new provisions and safeguards to the ecozone. The measure said this ensures alignment with the national development plan, policies, goals, and compliance with existing laws and regulations.
