It was created to help promote investments in the export-oriented manufacturing industry into the country by assisting investors in registering and facilitating their business operations and providing tax incentives.

[2] On June 21, 1969, Congressman Pablo Roman, Sr. authored Republic Act 5490 designating Mariveles, Bataan as the first free trade zone in the Philippines.

In early 1972, three congressmen — Roman, Roces, and Sarmiento - sponsored the bill to convert the free trade zone authority into government corporation.

This would grant the power of a corporation combined with the coercive strength of the Philippine Government to move the project ahead, especially regarding the relocation of residents.

[6] On February 21, 1995, EPZA became PEZA due to the enactment of Republic Act 7916 which was passed by the House of Representatives and the Senate and approved by former Philippine President Fidel V.

Despite the full turnover of the zone from PEZA to AFAB resulting to the subsequent abolishment of BEPZ/BEZ on June 30, 2010 after eight months of AFAB's partial operation and management from October 23, 2009 to June 29, 2010, there are still traces and references of BEPZ/BEZ and PEZA still left that were not yet removed, such as on some signages found on Mariveles Zigzag Road and on a newer welcome sign located after the zone's another sign with a guard house along the said highway.

FAB initially had 39 enterprises and 12,777 workers by the time of turnover of the zone's full operations and management from PEZA to AFAB which inherited from its predecessor BEZ.