LGUs in the Philippines

Marcos creates special economic zone in Victoria, Tarlac

Joann Manabat

This is AI generated summarization, which may have errors. For context, always refer to the full article.

Marcos creates special economic zone in Victoria, Tarlac

President Ferdinand Marcos Jr.

Malacanang file photo

Tarlac Governor Susan Yap says the designation of Victoria special economic zone is expected to create more jobs

President Ferdinand R. Marcos Jr. designated areas of Barangay Baculong, in Victoria town, Tarlac province as a special economic zone, to be known as the Victoria Industrial Park.

Under Proclamation No. 623, the 297,719-square meter property will be known as the Victoria Industrial Park. 

Special economic zones are 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. 

In the President’s Proclamation No. 623, Victoria Industrial Park will cover an area of 297,719 square meters.

By law, special economic zones may 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 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.

Meanwhile, Tarlac Governor Susan Yap, on Monday, July 8, lauded President Ferdinand Marcos Jr.’s designation of the Victoria Industrial Park as this was expected to create more jobs.

As of April 2023, PEZA oversees a total of 419 economic zones across the country which includes 297 information technology centers, 78 manufacturing zones, 24 agro-industrial zones, 17 tourism enterprises, and three medical tourism centers. – with a report from Joann Manabat/Rappler.com

Add a comment

Sort by

There are no comments yet. Add your comment to start the conversation.

Summarize this article with AI

How does this make you feel?

Download the Rappler App!