To revitalize the special economic zones in Subic and Clark by expanding the territories of the Subic Special Economic Zone and the Clark Special Economic Zone, increasing their powers and revising the allocation of income on taxes earned, Senator Dick Gordon has sponsored a measure which seeks to amend the Bases Conversion Development Authority (BCDA).
“With this bill, we revitalize and spread the blessings of the Subic experience to neighboring communities who are willing to share the same culture of hard work, the same vision of prosperity and development, and the same willingness to work hard to make it happen. We also hope to further strengthen Subic’s equally successful neighbor, Clark Special Economic Zone by expanding its scope and fine-tuning policies that will further its growth,” Gordon said in sponsoring Senate Bill No. 2207.
“We hope to further strengthen Subic’s equally successful neighbor, Clark Special Economic Zone by expanding its scope and fine-tuning policies that will further its growth.”
SBN 2207, under Committee Report 653 is titled “An Act Revitalizing The Bases Conversion Development, Amending For The Purpose Republic Act No. 7227.” It is otherwise known as the “Bases Conversion And Development Act Of 1992,” as amended.
Under the measure, the Subic Special Economic Zone will be developed into a self-sustaining industrial, commercial, financial and investment center to generate employment opportunities in and around the zone and to attract and promote not only productive foreign investments, but domestic investments as well
The measure also seeks to expand the Subic Special Economic Zone by extending its territory to include the whole or part of the territory of the Municipality of San Antonio in Zambales and the Municipalities of Morong, Hermosa and Dinalupihan in Bataan upon resolution of their respective Sanggunians, for a period of not less than 50 years.
The measure also seeks to expand the Subic Special Economic Zone to the whole or part of the territory of the Municipality of San Antonio in Zambales and the Municipalities of Morong, Hermosa and Dinalupihan in Bataan.
Meanwhile, theClark Special Economic Zone’s Freeport zone will be increased from 4,400 hectares to 35,400 hectares.
It also mandates that the SBMA Board of Directors shall provide a Master Plan for the phased expansion of the free-port zone every two years in the Municipality of Olongapo, Zambales, and in the Municipalities of Dinalupihan, Hermosa and Morong, Bataan.
The proposed amendments also entail the creation of a new tax regime for the said economic zones.