The Senate on Monday gave its final nod to the bill creating the Bulacan Special Economic Zone (BuZ) and Freeport.

Sponsored by Sen. Grace Poe, Senate Bill No. 2572 establishes the Bulacan Ecozone, which will host the New Manila International Airport in the province of Bulacan.

Aside from Poe, Senate President Juan Miguel Zubiri co-sponsored the bill, along with Senate President Pro Tempore Loren Legarda, Majority Leader Joel Villanueva, and Senators Pia Cayetano, Ronald Dela Rosa, Joseph Victor Ejercito, and Christopher Lawrence Go.

"Throughout our collective brainstorming, we have crafted a vastly-improved bill that adheres to the constitutional provisions on land conversion, balances economic growth with environmental protection, and warrants greater local government unit (LGU) representation at its helm," Poe said following the bill's approval.

"It will spur investments, create more jobs and will be a model, not just here in the Philippines, but all over Asia," she added.

Citing projections, Poe said economic gains from the proposed BuZ could reach P130.9 billion and could generate 800,000 to 1.2 million jobs for Filipinos.

Under the bill, the BuZ shall be developed into and operated as a "decentralized, self-reliant and self-sustaining, aviation hub, industrial, commercial, trading, agro-industrial, tourism, retirement, banking, financial and investment center, emerging and future technologies, with suitable residential areas."

A corporation to be known as the Bulacan Special Economic Zone and Freeport Authority (BEZA) shall be created to manage and operate the BuZ. The BEZA shall be under the direct supervision and control of the Office of the President.

The BEZA shall have an authorized capital stock of P2 billion, the majority shares of which shall be subscribed and paid for by the national government and the local government units embracing the ecozone. Senate of the Philippines