Sarangani area designated special economic zone

MANILA, Philippines — President Marcos has designated an area in Maasim, Sarangani as a special economic zone.

Located in Barangay Malbang with an aggregate area of about 142,568 square meters, the new economic zone will be known as the Malbang Industrial Ecozone, based on Proclamation 1428.

The designation was pursuant to Republic Act 7916 or the “Special Economic Zone Act of 1995” as amended by RA 8748, and based om the recommendation of the board of directors of the Philippine Economic Zone Authority.

RA 7916 defines special economic zones as select areas with highly developed or which have the potential to be developed into agro-industrial, industrial, tourist, recreational, commercial, banking, investment and financial centers.