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Also, the matters contained in the following were written in accordance with the law, rules, and jurisprudence prevailing at the time of writing and posting, and do not include any future developments on the subject matter under discussion.
AT A GLANCE:
Republic Act No. 11999, June 13, 2024, shall be known as the “Bulacan Special Economic Zone and Freeport Act”.
Republic Act No. 11999 or the Bulacan Special Economic Zone and Freeport Act was enacted in line with the declared policy of the State to encourage, promote, and accelerate the sound and balanced industrial, economic and social development of the country. The establishment of a strategically-located, master-planned, and value-creation-oriented special economic zone, within the framework and limitations of the Constitution, shall attract legitimate and productive foreign investments that generate employment and increase productivity and individual, as well as family incomes, thereby enhancing the quality of life of the Filipino people. It is also the declared policy of the State to promote an effective and sustainable economic growth model that benefits all stakeholders. The bill lapsed into law last June 13, 2024.
The said Bulacan EcoZone (BuZ) covers the Airport Project and the Airport City Project, to be developed by San Miguel Aerocity, Inc., a franchise to construct, develop, establish, operate, and maintain a domestic and International Airport in the Municipality of Bulacan, Province of Bulacan, and to construct, develop, establish, operate, and maintain an Adjacent Airport City.
Republic Act No. 11999 was enacted to help boost our country’s economic growth by giving more access to investors, through the Airport Project and Airport City Project, to establish profitable export industries within the ecozone. According to House Committee on Ways and Means Chairperson Rep. Joey Salceda, the said law hopes to correct the errors made when the Ninoy Aquino International Airport (NAIA) was constructed, to wit: “NAIA was a mess. It should not be where it is. We did not build an industrial base around it, or even plan transport and logistics. As a result, it does not realize its industrial potential, and is a bane on the traffic and congestion situation in Manila.”
Rep. Joey Salceda expects that with the completion of the BuZ, our country’s gross domestic product (GDP) will increase by a minimum of P130 billion. Moreover, the BuZ is expected to create a gross export potential of $200 billion and land value gains of at least P226 billion.
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Alburo Alburo and Associates Law Offices specializes in business law and labor law consulting. For inquiries regarding legal services, you may reach us at info@alburolaw.com, or dial us at (02)7745-4391/ 0917-5772207/ 09778050020.
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