MANILA (UPDATED) — President Ferdinand Marcos, Jr. has approved a law converting the municipality of Carmona in Cavite into a component city, Malacañang said on Friday.

Republic Act No. 119381 "will require the Municipality of Carmona to hold a plebiscite within 60 days from the approval of the law," the Presidential Communications Office said.

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This means that incumbent officials will continue to hold their powers and functions until a new election is held and when new officials assume office, according to the law.

“Appointive officials and employees of the Municipality of Carmona shall, likewise, continue exercising their functions and duties and they shall automatically be absorbed by the City Government of the City of Carmona,” it added.

The new law also suspends the increase in rates of local taxes within 5 years "from its acquisition of corporate existence."

Carmona City will also still be a part of the 5th Legislative District of the Province of Cavite "until otherwise provided by law."

As a city, Carmona will have the following corporate powers, according to the law:

• -To have continuous succession in its corporate name;
• -To sue and be sued;
• -To have and use a corporate seal
• -To acquire, hold and convey real or personal property;
• -To enter into any contract agreement
• -To exercise such other powers, prerogatives, or authorities granted to corporations, subject to the limitations provided under the Local Government Code of 1991.

A municipality can be made into a component city if it has an annual average income of over P100 million in the past 2 consecutive years, either a population of at least 150,000 inhabitants, or a "contiguous territory of 100 square kilometers," the Senate Economic Planning Office had said.

Marcos signed Republic Act No. 119381 on Thursday but this was only made public to the media on Friday.

It will be effective 15 days after its publication on the Official Gazette.