President Ferdinand “Bongbong” Marcos Jr. has declared the creation and designation of several parcels of land located at Barangay Baculong in Victoria, Tarlac as a special economic zone.
Based on Proclamation No. 623 signed by Executive Secretary Lucas Bersamin on July 4, the 297,719-square meter property will be known as the Victoria Industrial Park.
Marcos made the move pursuant to Republic Act No. 7916 or the Special Economic Zone Act of 1995, as amended by RA No. 8748, and upon the recommendation of the Board of Directors of the Philippine Economic Zone Authority (PEZA).
Special economic zones are defined as “selected areas with highly developed or which have the potential to be developed into agro-industrial, industrial, tourist/recreational, commercial, banking, investment and financial centers.”
These zones may contain industrial estates, export processing zones, free trade zones, or tourist or recreational centers.
Areas may be established as ecozones through a proclamation to be issued by the President and subject to the evaluation and recommendation of PEZA “based on a detailed feasibility and engineering study.”
In May, Marcos underscored the readiness of Philippine economic zones to get businesses up and running in the country, saying these designated development sites are open to all foreign investors.
According to the Presidential Communications Office, it is the PEZA that extends assistance, registers, and grants incentives to investors. The agency also facilitates the business operations of investors in export-oriented manufacturing and service facilities inside selected areas throughout the country that were proclaimed as special ecozones.
Earlier, PEZA approved P2.21 billion worth of new and expansion projects in the first month of 2024.
PEZA said the 12 projects it green-lit would generate $69.62 million worth of exports and 1,337 direct jobs. Broken down, the 12 projects were composed of seven ecozone export enterprises, four information technology enterprises, and one facilities enterprise. —Giselle Ombay/RF, GMA Integrated News
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