RA11453: AN ACT FURTHER STRENGTHENING THE POWERS AND FUNCTIONS OF THE AUTHORITY OF THE FREEPORT AREA OF BATAAN (AFAB), AMENDING FOR THIS PURPOSE REPUBLIC ACT NO. 9728, OTHERWISE KNOWN AS THE "FREEPORT AREA OF BATAAN (FAB) ACT OF 2009
Republic Act (RA) 11453, enacted in August 30, 2019, strengthens the powers and functions of the Authority of the Freeport Area of Bataan (AFAB). The law expands the territory of the Freeport Area of Bataan (FAB) in Mariveles, Bataan, and increases its capital stock to PHP 2.5 billion.
What is RA 11453?
RA 11453 empowers AFAB to act as an offshore financial center offering international financial and business services such as banking, offshore fund management, and cryptocurrency mining.
Other Key Provisions:
Tax Exemption: Locators within the FAB are exempt from paying local and national taxes. Instead, they are subject to a five percent final tax on gross income earned.
Expansion Areas: The law allows the declaration of FAB expansion areas, subject to the concurrence of affected local government units (LGUs) and the approval of relevant national government agencies.
Regulatory Functions: AFAB assumes regulatory functions within the FAB, including the regulation of private port terminal facilities.
Blockchain and Fintech Initiatives: AFAB has instituted measures to assist companies intending to use blockchain technology and fintech, as spelled out in its Offshore Blockchain and Financial Technology Solutions (OBFTS) Policy.