(FILE PHOTO)
MANILA, Philippines — A parcel of land in Barangay Lourdes in Tarlac City, Tarlac is now established to be a special economic zone (SEZ).
The two-million-square-meter area, now named “TARI Estate,” was designated an SEZ through Proclamation No. 701 issued on Wednesday upon the recommendation of the Philippine Economic Zone Authority.
The Special Economic Zone Law or Republic Act No. 7916 defines SEZs as lands suited to develop agro-industrial, industrial, recreational, commercial or financial centers.
READ: Marcos designates land in Victoria, Tarlac as special economic zone
The criteria to qualify as a special economic zone includes a strategic location, existing required infrastructure, a trainable labor force and vacant lands for expansion.
The law allows SEZs to operate independently and provide its businesses with incentives.