President Ferdinand Marcos Jr. has designated a 297,719-square-meter area in Victoria, Tarlac as a special economic zone named Victoria Industrial Park, according to the Presidential Communications Office (PCO).
The designation under Proclamation No. 623 aims to develop the area into an agro-industrial, industrial, tourist, recreational, commercial, banking, investment, and financial center.
The Philippine Economic Zone Authority (Peza) will evaluate and recommend such zones based on detailed feasibility and engineering studies.
Peza provides investors with assistance, registration, and incentives, facilitating export-oriented manufacturing and service operations.
As of April 2023, there are 419 economic zones in the Philippines, including manufacturing, IT parks, tourism export enterprises, agro-industrial zones, and medical tourism centers.
Source: PhilNews24 | July 8, 2024
