Sarangani: President Ferdinand R. Marcos Jr. has issued a proclamation creating a 14.2-hectare area in Maasim, Sarangani as a special economic zone. Marcos signed Proclamation No. 1428 on September 8, designating several parcels of land at Malbang village in Maasim town as a special economic zone pursuant to Republic Act 7916, or the Special Economic Zone Act of 1995, as amended by RA 8748.
According to Philippines News Agency, the area, to be known as the Malbang Industrial Ecozone, covers an aggregate area of approximately 142,568 square meters. The designated area consists of nine lots, each covering approximately 15,841 square meters, except Lot 3, which covers about 15,840 square meters.
The proclamation was issued upon the recommendation of the Philippine Economic Zone Authority (PEZA) Board of Directors. The Malbang Industrial Ecozone will be subject to the provisions of RA 7916, as amended, its implementing rules and regulations, and relevant PEZA board resolutions.
The establishment of the ecozone is expected to support industrial development and create opportunities for investments and economic activity in Sarangani. RA 7916 was signed into law on February 24, 1995, to promote economic growth through the development of special economic zones, or 'ecozones.'
Under the law, ecozones are 'selected areas' that are highly developed or have the potential to be developed into agro-industrial, industrial, tourist/recreational, commercial banking, investment, and financial centers.
