With the country experiencing sustained economic growth, we are flooded with opportunities for development in different industries and across a number of geographical areas in the country. Subic Bay in Central Luzon is one such region with immense potential for foreign investment and overall economic development. This economic development in the Subic Bay Freeport Zone (SBFZ) translates to job opportunities and business opportunities for our countrymen.

With this in mind, the Republic Act No. 7227, otherwise known as the Bases Conversion and Development Act of 1992, was passed to assign Subic Bay Metropolitan Authority (SBMA) the responsibility to build a prosperous and self-sustaining Freeport in Subic Bay.

SBMA is tasked to promote both economic and social development in Subic Bay, creating a model for economic success and inclusive growth in the region and in the Philippines. We are now in a position to clarify provisions of the decade-old legislation and apply revisions based on what we have learned in the past years, improving the policy and making SBMA a more effective and impactful governing body.

The Subic Bay Metropolitan Authority (SBMA) Reform Bill seeks to update the powers and responsibilities of SBMA in the hope that SBFZ can reach its full potential- attracting more foreign direct investments, supporting growth of local business, providing jobs, livelihood, and a wealth of opportunities for more Filipinos in Central Luzon and in the country as well.

Grow, Subic, grow!

In view of the foregoing, approval of this bill is earnestly sought .
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