The Freeport Area of Bataan (FAB) is poised to become one of the key blockchain hubs in Asia, with significant developments already underway. The FAB is a 1,700-hectare trade hub located in Mariveles, Bataan, serving as the Philippines’ center of trade and a key transit point for domestic, regional, and global shipping. Apart from being a trading hub, it is also a manufacturing center for various global industries, such as lenses, luxury brand accessories, sports equipment, and more, providing nearly 40,000 jobs within the region.
Under the mandate of RA 11453, the FAB is positioned to become the country’s hub for emerging and future technologies like blockchain. “We also look to the future as allowed by amended charter, apart from manufacturing. We now additionally cover Bataan as a home for the global blockchain industry,” Mohammed Hussein Pangandaman, CEO of the Authority of the Freeport Area of Bataan (AFAB) said during the 2 nd day of the 2024 Global Block Chain Congress held in Bataan.
Five years after the implementation of RA 11543, Mr. Pangandaman highlighted key developments, including the release of the Offshore Digital Assets License (ODAL) Policy last year. The key points of the ODAL policy include the licensing of blockchain-related industries based on the nature of their activities, divided into three categories.
Class 1 includes digital asset exchanges, trading activities utilizing blockchain technology, and similar operations. Class 2 covers digital as.
