Senator Grace Poe has high hopes the passage into law of Republic Act 11999 or the Bulacan Special Economic Freeport Act (Bulacan EcoZone) will put the development of the New Manila International Airport at full speed.
“Central to the establishment of the Bulacan EcoZone is the building of the quintessential airport that the country badly needs,” Poe said.
“The new airport will unlock potentials for jobs, businesses, better travel experience, and regional economic growth.”
“The new airport will unlock potentials for jobs, businesses, better travel experience, and regional economic growth,” added the principal sponsor of the law in the Senate.
Otherwise known as the Bulacan International Airport, it will be built in the municipality of Bulakan in the province of Bulacan and targets to start operation in 2027.
The law creates the Bulacan Special Economic Zone and Freeport Authority (BEZA) which will manage the ecozone.
In consultation with the National Economic and Development Authority, the BEZA will establish the general framework for land use, planning and development for the area covered by ecozone.
The BEZA will be organized within 180 days upon the effectivity of the law.
Under the law, the body will have an authorized capital stock of P2 billion, the majority shares of which shall be subscribed and paid for by the national and the local governments.
As the Senate finance committee chairperson, the veteran legislator pointed out that the chamber will exercise its functions to see to it that government funds for the Bulacan EcoZone will be spent judiciously.
“The private domestic investor will build an airport worth P735 billion.”
“The private domestic investor will build an airport worth P735 billion. The government should be ready to pitch in as a partner by developing the ecozone,” the seasoned lawmaker stressed.
The lady senator said the ecozone will be the perfect venue for an efficient and sustainable integrated airport network.
“We owe it to our people to give them a better airport, it has been long in coming,” she concluded.
