26.7 C
Saturday, May 25, 2024

Zubiri renews push for special economic zone project in Bulacan

- Advertisement -

Senate President Juan Miguel Zubiri on Wednesday reiterated his push for the creation of a special economic zone in Bulacan province to entice more foreign investors and complement the soon-to-be-finished aerotropolis outside of Metro Manila.

At the hearing of the Senate Committee on Economic Affairs, Zubiri said he refiled Senate Bill No. 2266 titled An Act Establishing the Bulacan Airport City Special Economic Zone and Freeport.

The said the facility will help spur economic development by encouraging manufacturers in various industries to build their facilities in the area.

“It embodies a vision of comprehensive development and inclusive growth in the province of Bulacan and nearby areas,” Zubiri said.

He added that Bulacan can be the next growth area for ecozones, citing the successes of the ecozones in Clark in Pampanga and the Subic Bay Metropolitan Authority (SBMA).

“Despite being previously vetoed by President Marcos, it remains a crucial catalyst to bring infrastructure development, attract investments and create jobs in the area,” he said.

According to Zubiri, the proposed measure has already addressed the concerns that the President raised in vetoing the original bill that the 18th Congress had approved in 2022.

“We have to answer the concerns then to make sure that we do not have the same concerns again now,” he stressed.

Zubiri also said having an eco-zone will further boost the economic potential of the P740-billion New Manila International Airport in Bulacan, which targets to bring in 100 million passengers annually.

San Miguel Corp. earlier said that the commercial operations at the aerotropolis may start in 2026 as the land development activities in the massive airport complex would be finished next year.

“This special economic zone is envisioned to attract world-class semiconductor manufacturers, battery\ power storage system manufacturers, electric vehicle makers and other new and emerging tech industries,” Zubiri said.

“The proposed Bulacan Airport City Special Economic Zone and Freeport is expected to add $200 billion in annual Philippine export revenues over the next decade, an increase of around 170 percent of current annual exports,” he pointed out.


Popular Articles