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 Exe...