Anytime this year, the multi-billion Petron Bataan Refinery shall become part of the Freeport Area of Bataan (FAB) under Republic Act 11453 or “An Act Further Strengthening the Powers and Functions of (Authority of Freeport Area of Bataan)”.
In its statement, the AFAB said the Local Government of Limay had endorsed the conversion of PBR’s refinery area to be a freeport area of the province.
The AFAB with the concurrence of the local government unit (LGU) and the approval of the AFAB board in accordance with the existing laws and local ordinances, has the power to establish special economic zones within the province of Bataan.
“This will help ensure the continued development and promote a reinvigorated investment in Limay,” the AFAB said. It said that the PBR commits to make additional P3 billion investment within five years.
Limay Vice Mayor Richie David on the labor issue of Petron workers said the municipal government is willing to help about 100 refinery workers “by accommodating them with the new management.”
He refused to divulge how much income the municipal government had been getting from Petron in terms of taxes.
The Petron management earlier announced it was shutting down its refinery plant in Limay due to perceived losses due to exorbitant taxes.
“With FAB, Petron may enjoy the incentives being offered to similar locators in the freeport,” the Authority said.