MANILA – President Ferdinand R. Marcos Jr. has authorized the creation of a new special economic zone in Tarlac City, dubbed TARI Estate, under Proclamation 701. This move is part of a broader strategy to stimulate economic development and job creation in the region.
According to Philippines News Agency, the official proclamation was signed on October 2, designating a 2-million-square-meter parcel of land in Lourdes village as a special economic zone pursuant to Republic Act (RA) 7916, or the Special Economic Zone Act of 1995. This act facilitates the creation of ‘ecozones,’ aimed at promoting economic growth by developing areas into diverse commercial and industrial hubs.
TARI Estate represents the fourth economic venture by Aboitiz InfraCapital (AIC) Economic Estates and is projected to generate 60,000 new jobs. The site plans to offer state-of-the-art facilities and amenities managed by various Aboitiz Group affiliates, encompassing services like power, construction, financing, and smart city technology. This integrated approach aims to foster a robust business ecosystem.
The development strategy for TARI Estate includes not just industrial and manufacturing facilities but also aims to create a dynamic lifestyle hub by integrating retail, office spaces, residential areas, dormitories, warehouses, and hospitality sectors. This diversification is intended to promote a vibrant community atmosphere alongside its economic functions.