SENATOR Juan Miguel Zubiri has sponsored a measure amending the Freeport Area of Bataan Act to further strengthen the Authority of the Freeport Area of Bataan (AFAB), emphasizing that enhancing its powers will pave the way for more investments and job opportunities while promoting ease of doing business.
Zubiri, who chairs the Senate Committee on Economic Affairs, highlighted the significant progress of the Freeport Area of Bataan (FAB) since AFAB assumed operations in 2010.
He noted that the freeport has attracted around P190 billion in investments and currently provides employment to over 40,000 individuals – marking a 220 percent rise in job generation over the past decade.
“But investor confidence wavered a little after the passage of the CREATE law, so we have some work to do to get the freeport back on track and develop it into an even bigger investment draw,” Zubiri said.
With the passage of the CREATE MORE law last year, Zubiri acknowledged that many major concerns of investors had been addressed.
However, he stressed the need to localize efforts to improve the investment climate further.
“But that law was envisioned with the big-picture investment landscape in mind. If we want to become an investment powerhouse, we also have to zoom in and examine our regions. So what we want to do now is to strengthen the powers and functions of the AFAB and enable it to build and reinforce the Freeport Area of Bataan for the future,” he explained.
The proposed amendments aim to make the freeport more attractive to investors by simplifying regulatory procedures and ensuring ease of doing business.
A significant provision of the bill is the establishment of a Securities and Exchange Commission (SEC) office within the FAB.
“An office of the Securities and Exchange Commission is set to be established within the FAB, so we can encourage full adherence to our registration policies,” Zubiri stated.
To position FAB as a hub for future-ready industries, the measure empowers AFAB to regulate a wide range of digital assets and technologies, including payment gateways, artificial intelligence, microgrid systems and emerging fields such as biometrics, submarine cable landing stations, defense and space technologies.
Zubiri also underscored the importance of adapting to digital advancements, stating that the strengthened AFAB will leverage programs like the regulatory sandbox framework, which allows tech-based startups to operate under relaxed conditions, encouraging innovation and growth.
“With the CREATE MORE that we passed last year, we already addressed some of the major issues that have been keeping potential investors at bay,” he noted, adding that the proposed amendments will further ensure that the FAB remains competitive and investor-friendly.
Additionally, the amendments include provisions for a start-up visa and a digital nomad visa program, designed to attract young and innovative foreign entrepreneurs.
“With these efforts in the start-up and digital nomad sectors, we hope to invite young and innovative foreign investors who have ideas to share and money to spare,” Zubiri said.
The senator stressed that ensuring ease of doing business and enhancing the investment climate are key priorities in positioning FAB as a competitive economic zone.
He assured stakeholders that Congress is committed to fostering a business environment conducive to economic expansion.
Zubiri highlighted the broader impact of these legislative changes, asserting that a stronger AFAB will contribute significantly to regional and national economic growth.
“Investments are inseparable from development,” he said. “This will bring tremendous growth to Bataan, to Central Luzon, and to the rest of the country.”
He emphasized that the proposed amendments will not only revitalize the freeport but also ensure its sustainability in the face of evolving global market demands.
“We are committed to making AFAB an attractive and thriving hub for investments that will benefit our economy for years to come,” Zubiri said.
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