October 6, 2024 | 12:00am
MANILA, Philippines — President Marcos has designated a 200-hectare lot in Barangay Lourdes in Tarlac City as a special economic zone.
The new SEZ will be known as the TARI Estate, under Proclamation 701 signed by Executive Secretary Lucas Bersamin on Oct. 2.
The creation of TARI Estate was pursuant to Republic Act 7916 or the Special Economic Zone Act of 1995 and upon the recommendation of the Board of Directors of the Philippine Economic Zone Authority.
RA 7916 defines special economic zones 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.”
Companies operating in ecozones get certain tax and other financial incentives to bring down the cost of manufacturing.
Be the first to comment