HB10217: ILOCOS SUR SPECIAL ECONOMIC ZONE ACT
This bill aims to establish a special economic zone in a portion of Salomague Cove and the municipalities of San Juan and Cabugao in Ilocos Sur. Its primary goal is to encourage industrial, economic, and social development by attracting legitimate foreign investments. This initiative is expected to generate significant employment opportunities, boost productivity, and ultimately increase individual and family incomes, thereby improving the overall quality of life for the people in the region.
The establishment of the Ilocos Sur Ecozone signifies a strategic move towards decentralized and self-sustaining economic growth. By creating a separate customs territory with incentives for registered enterprises, the bill seeks to foster a vibrant investment climate. This will not only bring direct economic benefits through job creation but also enhance local infrastructure, promote tourism, and ensure environmental protection, contributing to a more prosperous and sustainable future for the residents of Ilocos Sur.