Sarangani Area Designated as Special Economic Zone

MANILA, Philippines — President Ferdinand "Bongbong" Marcos Jr. has officially designated an area in Maasim, Sarangani as a special economic zone. The designated site, located in Barangay Malbang, covers an aggregate area of approximately 142,568 square meters and will be known as the Malbang Industrial Ecozone. This significant development is formalized under Proclamation 1428. The decision was based on the recommendation of the board of directors of the Philippine Economic Zone Authority (PEZA), the government agency responsible for promoting investment and development in designated economic zones across the country. The legal framework for this designation is Republic Act 7916, also known as the "Special Economic Zone Act of 1995," which has been further amended by Republic Act 8748. This act defines special economic zones as strategic areas that are either already highly developed or possess substantial potential for development into various economic hubs, including agro-industrial, industrial, tourist, recreational, commercial, banking, investment, and financial centers. The establishment of the Malbang Industrial Ecozone is anticipated to attract domestic and foreign investments, spur industrial growth, and generate substantial employment opportunities within Sarangani province. By offering incentives such as tax holidays and streamlined business processes, the government aims to make these zones highly competitive and attractive for businesses looking to expand or establish operations. This initiative aligns with the broader national economic development agenda, which seeks to decentralize economic opportunities and foster growth in regions outside the traditional urban centers. The designation of new economic zones is a key strategy employed by the Marcos administration to boost the country's overall economic performance and global competitiveness.