Marcos designates ‘special economic zone’ in Victoria, Tarlac

PRESIDENT Ferdinand Marcos Jr. has designated a land in Barangay Baculong, Victoria, Tarlac as a special economic zone.

The 297,719-square meter property will be known as the Victoria Industrial Park.

Under Proclamation No. 623, the economic zone can be converted into agro-industrial, industrial, tourist/recreational, commercial, banking, investment and financial center.

They may also contain any or all of the following: Industrial Estates, Export Processing Zones, Free Trade Zones, and Tourist/Recreational Centers.

Areas may be established as ecozones in a proclamation to be issued by the President and subject to the evaluation and recommendation of the Philippine Economic Zone Authority (PEZA) based on a detailed feasibility and engineering study.

PEZA extends assistance, registers, grants, and incentives to investors. It also facilitates the business operations of investors in export-oriented manufacturing and service facilities inside selected areas throughout the country that were proclaimed by the President as PEZA Special Economic Zones.

According to PEZA, there are a total 419 economic zones as of April 2023.

Of the figure, 78 are manufacturing economic zones; 297 are  information technology parks/centers; 17 are tourism export enterprises; 24 are agro-industrial economic zones; and three are medical tourism parks/centers. (ABS-CBN News)


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