CITY OF SAN FERNANDO – A 530-hectare industrial estate in Limay, Bataan has reportedly incurred losses amounting to P1.3 billion since 1997, prompting the Department of Energy (DOE) to rush measures to implement a law signed by Pres. Aquino to reverse this.
DOE Assistant Sec. Jose Raymund Acol and outgoing Bataan 2nd District Rep. Albert Garcia, who won for governor in the last elections, held in Balanga City recently a public consultation to finalize Implementing Rules and Regulations (IRR) for Republic Act 10516 signed by the President last April.
The law expands the use of the industrial estate located in Barangay Lamao in Limay “for businesses engaged in energy and energy related infrastructure projects and other gainful economic activities in addition to petrochemical and related industries.”
Acol said the law amended Presidential Decree No. 949 issued by the late Pres. Marcos in 1976 which created the industrial estate and put it under the administration and ownership of the government-owned Philippine National Oil Company (PNOC).
Under this decree, investments in the industrial park was limited only to petro-chemical firms.
Acol said that the law signed last April by the President would open the park to any energy-related firms and thus attract more investors.
Garcia noted that since 1997, the park has attracted only three petro-chemical investors and thus sustained losses estimated at P1.3 billion up to 2010.
Acol expressed confidence that the IRR for RA 10516, which was pushed by Garcia in the House, could be finished by next month. The industrial estate, however, remains owned and under the administration of the PNOC.
The new law also mandates the expropriation of privately owned lands within the estate.
“We expect the new law to attract more companies to our industrial park. The more companies, the more jobs will be available for our local folk. We expect this to reverse the losses the park has incurred,” Garcia said.
