HB10218: BISLIG SPECIAL ECONOMIC ZONE ACT
This bill proposes the establishment of the Bislig Special Economic Zone in Bislig City, Surigao del Sur, and the creation of the Bislig Special Economic Zone Authority (BISSEZA) to manage and operate it. The primary impact is to encourage, promote, and accelerate industrial, economic, and social development in the region by attracting legitimate and productive foreign and local investments. This is significant for the people of Bislig City and neighboring areas as it is expected to generate employment opportunities, enhance productivity, and increase individual and family incomes, thereby improving their quality of life through a decentralized, self-reliant, and self-sustaining economic center.
The bill outlines the governing principles for the Bislig Ecozone, including its operation as a separate customs territory with incentives, and the BISSEZA's powers to regulate and undertake the establishment of public utilities and infrastructure. It also provides for an investor's visa for foreign nationals who invest a significant amount, facilitating foreign participation. This legislation aims to transform Bislig City into a dynamic economic hub, fostering sustainable growth and development by leveraging its strategic location and attracting investments that will create a ripple effect of benefits for the local population and economy.