MARIVELES, Bataan — The Bataan Economic Zone (BEZ) has been converted into the Freeport Area of Bataan (FAB) following the smooth passage of the consolidated Senate Bill No. 2118 and House Bill No. 5344 and the eventual approval President Arroyo.

This was proudly reported to Bataeños by Rep. Abet S. Garcia (2nd District, Bataan), principal architect of the law, reported this to his constituents as he explained that the Authority of Freeport Area of Bataan (AFAB) shall then be created to manage and operate the FAB, which maintains its office in Mariveles, the host town.
Under the law, Rep. Garcia said AFAB shall have an authorized capital stock of P2 billion, with the option to increase capitalization.

The creation of the FAB under Republic Act No. 9728 will cause a dent on the Philippine Economic Zone Authority (PEZA), the umbrella agency of the country’s economic zones, due to the “disappearance” of BEZ from its chart, the first-ever created and once the biggest economic zone under PEZA’s wings.

PEZA top officials were blamed for the dismal failure of BEZ, prompting Rep. Garcia to come up with a measure for the creation of the Special Economic Zone and Freeport, now called FAB to revive the dying economic zone.

It was recalled that while Rep. Garcia and his father, incumbent Bataan Governor Enrique “Tet” Garcia, were drumming up support for the conversion of BEZ into FAB, their political opponents were trying their best to block its passage, apparently fearing that the province’s economic growth through FAB will further boost the political career of the Garcias.

Gov. Garcia said the newly created FAB is expected to generate at least 100,000 employment opportunities, something that will make their political opponents insecure.

Mayor Jesse Concepcion dubbed the creation of FAB as a miracle that could save the dying BEZ.

Under the law, qualified personnel of BEZ shall be transferred and absorbed by the AFAB while those who are not retained shall be granted separation pay, retirement (one month per year of service), and other benefits they are entitled to under existing laws, Rep. Garcia said.