President Ferdinand Marcos Jr. has declared a 14.2-hectare property in Maasim, Sarangani as a new special economic zone aimed at promoting industrial development and investment in the province.
Marcos signed Proclamation No. 1428 on Tuesday, September 8, covering several parcels of land in Barangay Malbang that will form the Malbang Industrial Ecozone.
The ecozone covers approximately 142,568 square meters and consists of nine lots. Eight of the parcels each measure around 15,841 square meters, while Lot 3 has an area of about 15,840 square meters.
The proclamation was issued following a recommendation from the Board of Directors of the Philippine Economic Zone Authority (PEZA).
The Malbang Industrial Ecozone will be governed by Republic Act No. 7916, or the Special Economic Zone Act of 1995, as amended by Republic Act No. 8748, along with its implementing rules and regulations and relevant PEZA Board resolutions.
The establishment of the ecozone is expected to encourage industrial expansion, attract investments, and create additional economic opportunities in Sarangani.
RA 7916, enacted on February 24, 1995, seeks to promote economic growth through the development of special economic zones, also known as ecozones.
Under the law, ecozones are designated as “selected areas” that are either highly developed or have the potential to become agro-industrial, industrial, tourist/recreational, commercial, banking, investment, and financial centers.