Senator Juan Miguel Zubiri urged his colleagues to pass the measure amending the Freeport Area of Bataan Act to further strengthen the Authority of the Freeport Area of Bataan (AFAB) to pave the way for more investments and job opportunities while promoting ease of doing business.

In a news release, Zubiri underscored the remarkable growth of the Freeport Area of Bataan (FAB) since AFAB began operations in 2010.

The freeport, the chairperson of the Senate Committee on Economic Affairs said, has secured around P190 billion in investments and created over 40,000 jobs, reflecting a 220-percent increase in employment over the past decade.

“Investor confidence wavered slightly after the passage of the CREATE law, so we need to work to get the freeport back on track and transform it into an even bigger investment draw,” Zubiri said.

While the CREATE MORE law addressed national investment concerns, he emphasized the importance of focusing on regional growth.

“If we want to become an investment powerhouse, we need to zoom in on our regions. Strengthening AFAB’s powers will position the Freeport Area of Bataan as a key driver of future investments,” he said.

The amendments being proposed in Senate Bill No. 2945, sponsored by Zubiri, aim to simplify regulatory procedures and make the freeport more appealing to investors.

Notably, the measure includes establishing a Securities and Exchange Commission (SEC) office within the FAB to streamline registration processes and encourage compliance.

To align with global trends, the amendments empower AFAB to regulate and support advanced technologies, including artificial intelligence, payment gateways, microgrid systems, submarine cable landing stations, and defense and space technologies.

Zubiri also highlighted the use of a regulatory sandbox framework, which allows startups to operate under relaxed conditions to foster innovation and growth.

“We want the Freeport Area of Bataan to be at the forefront of innovation, supporting tech-based businesses and preparing for the future,” he said.

The bill also provides for the introduction of a start-up visa and a digital nomad visa program to attract young, innovative foreign entrepreneurs.

“We want to invite foreign investors with ideas to share and resources to spare,” Zubiri said, adding that these efforts will position the FAB as a hub for creative and forward-thinking industries.

Zubiri assured stakeholders that Congress is dedicated to fostering a business-friendly environment that drives economic expansion.

He emphasized the potential impact of the amendments, noting their contribution to regional and national development, and ensuring 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."