The Philippine Economic Zone Authority has granted an economic zone status to the 59-hectare manufacturing and IT project of Richmond Land Innovations Inc. in South Cotabato with project cost of P701.1 million.

Dubbed as the Mindanao Economic Development Zone, the project is located in Barangay Matinao, Polomolok, South Cotabato.

PEZA Director-General Lilia B. De Lima has informed Trade and Industry Secretary Peter B. Favila that the project’s approval is still subject to the issuance of the required Malacañang proclamation.

Richmond Land is a subsidiary of the RD Group of Companies, a family-controlled enterprise, founded and managed by businessman Rodrigo E. Rivera Sr.

Of the 59.911 hectare ecozone, 50 percent would be allocated for light industrial area and 20 percent for IT component. The remaining 30 percent would be roads and open spaces.

Target locators are export-oriented light manufacturing industries and IT services.

The development of the Mindanao Economic Development Zone is expected to help perk up economic developments in the area.

Although South Cotabato is a peaceful area in southern Mindanao, it has not improved much.

Polomolok is a 1st class municipality of South Cotabato. Situated between General Santos City and Tupi, it has a population as of 2007 census of 131,436 people in 22,492 households. Polomolok is home to Dole Philippines, the biggest pineapple plantation in the world. The town of Polomolok has a potential to become a city.

South Cotabato is one of the provinces of SOCCSKSARGEN region in Mindanao. Its capital is Koronadal City, and it borders Sultan Kudarat to the north and west, Sarangani to the south and east, and Davao del Sur to the east. To the southeast lies Sarangani Bay., Philippines.