A House of Representatives panel approved the bill creating an economic zone around San Miguel Corporation’s (SMC) soon-to-rise New Manila International Airport (NMIA) in Bulakan, Bulacan.
Located 35 kilometers north of Metro Manila, the NMIA is aiming to be the country’s next gateway. It has a total capacity of over 100 million passengers annually when fully operational. Further, the Bulacan Ecozone will aim to serve as a new investment hub for foreign business owners, complementing the expected surge in number of passengers once the airport operates.
The approved bill will give tax breaks and fiscal incentives to foreign firms that will do business and set up factories in the said ecozone. Business establishments will only have to pay a five percent final tax on their gross income instead of the usual corporate income taxes.