AFAB garners P11.3Bn of investments in 2022
BATAAN, PHILIPPINES — The Authority of the Freeport Area of Bataan (AFAB) generated a total of P11.3 billion (US$204 million) worth of investments in 2022.
During the Kapihan with newsmen forum, AFAB administrator Engr. Emmanuel Pineda shared that the organization has a total of US$835.3 million worth of export value despite the COVID-19 pandemic.
Pineda also revealed that they are moving another step closer to their goal of “becoming an offshore financial center that embraces emerging fintech markets.”
The top official said that since the amendments made to the Republic Act (RA) No. 11659 or the Public Service Act, the AFAB Board of Directors passed a Resolution that authorizes AFAB Administrator to engage in negotiation with SpaceX/Starlink to operate a satellite-based Internet system in the ecozone.
Pineda emphasized that the deal stems from their goal of hosting a broadband Internet system that would benefit the freeport locators’ processes and operations, connectivity, and other telecommunications-related activities.
Furthermore, AFAB said that they are looking forward to other benefits that the improved high-speed broadband services Starlink may provide to the FAB and other communities.
“In fact, the Authority has been closely monitoring developments in this area since February 2022. Now that the amendment was signed, the AFAB will proceed aggressively with talks with Starlink,” Pineda stated.
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