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Freeport Area of Bataan takes over economic zone

June 28, 2010, 5:56pm [ Manila Bulletin Online ]

MARIVELES, Bataan — The Freeport Area of Bataan (FAB) officially takes over Tuesday stock, lock and barrel the Bataan Economic Zone (BEZ) after its Implementing Rules and Regulations (IRR) was officially signed, Bataan 2nd District Representative Albert S. Garcia said Monday.
Leading the signatories in the IRR of Republic Act 9728 or the Authority of Freeport Area of Bataan (AFAB) Law, was Finance Secretary Margarito Teves.
Garcia said that the new set of officers of FAB had been officially designated with the assumption of lawyer Deo Custodio as chairman of FAB, whom he described as “a professional administrator and highly capable.”
“These set of officers of FAB are all highly-skilled administrators and managers who can transform FAB into a world-class Freeport and Special Economic Zone,” ythepointed out Garcia who principally sponsored the House Bill 5344 that gradually becames R.A. 9728.
Under the law, AFAB shall have an authorized capital stock of P2 billion with the option to increase capitalization, saying that an initial P500-M yearly will operate the FAB, Garcia explained.
The congressman expressed optimism that with the creation of the FAB this Freeport will see a boom in foreign investments and rise as the next major center for commerce in the country.
“In fact, a number of big time investors have already talked to us and showed keen interest in investing here with the various tax incentives and other benefits that the government will offer to them,” he said.
Governor Enrique “Tet” Garcia predicted that the newly-created FAB will generate at least 100,000 jobs and expressed excitement on the multiplier effect on the economy upon every investment when the Freeport goes into full operation.
Mayor Jesse Concepcion of this host town described the creation of the FAB as miracle for his administration as it would boost development and progress in this town.

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