Philippines approves new special economic zone

According to Philippine media reports on the 7th, Philippine President Marcos has approved the establishment of a new special economic zone, Victoria Industrial Park, in Tarlac Province in the north of the country.

According to the Philippine Presidential Palace, the industrial park is located in the Baculon Community of Victoria Town in Tarlac Province, covering a total area of ​​29.77 hectares. Philippine special economic zones are defined as selected areas that are highly developed or have the potential to develop into industrial, agricultural, leisure and tourism or commercial centers.

The Philippines promulgated the Special Economic Zone Act in 1995 to improve the investment environment, attract local and foreign investment and create jobs. The main types of special economic zones include industrial parks, export processing zones, free trade zones and tourism economic centers.

According to regulations, the Philippine Special Economic Zones are supervised by the Philippine Economic Zone Authority (PEZA) and enjoy preferential policies such as tax reduction and exemption, and permanent residence for foreign investors and their family members in accordance with the law.

According to statistics from the Philippine Economic Zone Authority, as of April 2023, there are 419 economic zones in the Philippines, including 297 information technology parks, 78 manufacturing economic parks and 24 agricultural industry economic parks.