The House economic affairs and trade and industry committees have approved the bill which consolidates House Bills No. 7058 and 7181.
The Business World in its March 16, 2023 issue reported the bill seeks to amend Republic Act No. 11453, An Act Strengthening the Powers and Functions of the Authority of the Freeport Area of Bataan (AFAB), which itself amended RA No. 9728 or the Freeport Area of Bataan Act of 2009.
It also approved amendments proposed by Bataan Rep. Albert S. Garcia exempting domestic enterprises within the Freeport from paying value-added tax.
The measure also grants foreign nationals who invest $75,000 either in cash or equipment directly to AFAB or in a registered eligibility for an investor visa, the business daily said.
In 2022, the AFAB generated P11.3 billion in investment while its locators produced $835 million worth of exports, Economic Affairs committee chairman and Negros Oriental Rep. Gerardo P. Valmayor, Jr. said.