The co-chairman of the House Economic Cluster on Thursday said the enactment of Republic Act (RA) 11506 which grants San Miguel Aerocity Inc. the franchise to construct domestic and international airports in Bulacan is expected to bring economic development in the area.
In a statement, AAMBIS-OWA Rep. Sharon Garin lauded the enactment of RA 11506 as she recognizes the role of the aviation industry as a primary driver of socio-economic growth. The law mandates the grantee to secure the appropriate permits and licenses for the construction, development, establishment, operation and maintenance of its airport properties or facilities from the Civil Aviation Authority of the Philippines.
Garin, principal author of the law, said the New Manila International Airport (NMIA) to be established is expected to decongest Ninoy International Airport (Naia) and elevate both the passenger experience while maximizing the country’s revenue potential.
“Our country relies heavily on tourism and we want to support the industry by providing better facilities that will be ready to accommodate the expected influx of foreign tourists once this pandemic is over,” she said.
Citing the 2019 report of the International Air Transport Association (IATA), Garin added the substantial contribution of the air transport industry to the Philippines, including airlines and its supply chain, contributing roughly P131 billion to the country’s GDP. On top of this, around 1.2 million jobs are supported by the air transport sector.
Meanwhile, Garin added another proposed measure, House Bill (HB) 7575 or Bulacan Airport City Special Economic Zone and Freeport Act, is set to complement the newly-enacted law. HB 7575 creates the Bulacan Airport City Special Economic Zone and Freeport Authority or BACSEZFA, which shall manage and operate the Bulacan Ecozone.
The measure said the BACSEZFA shall have an authorized capital stock of P2 billion no par shares at a minimum issue of P10 each, the majority shares of which shall be subscribed and paid for by the national government and the LGUs embracing the BACSEZFA.
Garin said the Bulacan Ecozone shall be equipped with transportation, telecommunications, and other facilities needed to attract legitimate and productive investments, generate linkage industries and employment opportunities for the people of Bulakan and its neighboring towns and cities.
With the proposed measure hurdling third and final reading last September 15 2020, Garin said she remains optimistic that HB 7575 will also be enacted into law before the start of the third regular session.
Albay Rep. Joey Sarte Salceda, chairman of the House Committee on Ways and Means, said the Bulacan Airport, with a P740-billion investment, will be the single biggest infrastructure item in the country’s history.
“We expect the ecozone around it to be a hub for economic growth and development for North and Central Luzon. Its downstream effects on investment and the economy will benefit the entire country. This item is also larger than any stimulus measure we could readily fund.”
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Article and Photo originally posted by Business Mirror last January 8, 2021 and written by Jovee Marie de la Cruz. Minor edits have been made by REBPH to cater to its own readers.
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