Expecting better economic returns, Sen. Richard Gordon wants to amend the law that created the Bases Conversion and Development Authority (BCDA) to revitalize the economic zones in Subic and Clark.

Gordon sees an expansion of the territories, which were formerly military bases, would create more opportunities in job creation and rise in government revenue

Gordon sees an expansion of the territories, which were formerly military bases, would create more opportunities in job creation and rise in government revenue.

Under Senate Bill 2207, Gordon wants to expand the areas of coverage of the Clark Special Economic Zone in Pampanga and the Subic Special Economic Zone (SSEZ) in Olongapo City to revitalize and further propel economic development in the region.

In the measure, the SSEZ will be developed into a self-sustaining industrial, commercial, financial and investment center to generate employment opportunities in and around the area.

It is also envisioned to attract and promote not only productive foreign investments but domestic investments as well.

The measure also seeks to expand the SSEZ 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 through the support via a resolution by their respective Sanggunian Bayan, for a period of not less than 50 years.

Meanwhile, Clark Special Economic Zone’s free port zone will be increased from 4,400 hectares to 35,400 hectares as stated under SB 2207 contained in Committee Report 653 (An Act Revitalizing the Bases Conversion Development, amending for the purpose Republic Act 7227, otherwise known as the BCDA Act of 1992, as amended).

Image from The Economists Journal It also mandates the SBMA Board of Directors to provide a master plan for the phased expansion of the free-port zone every two years in 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 economic zones.

“With this bill, we revitalize and spread the blessings of the Subic experience to neighboring communities, which 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,” Gordon said.

“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,” he added.