PEZA and Victoria Industrial Park seal major economic zone deal

Pasay City, Philippines — The Philippine Economic Zone Authority (PEZA) has officially inaugurated the Victoria Industrial Park as a Special Economic Zone with the signing of a Registration Agreement (RA) on July 31, 2024. The agreement was finalized at the PEZA Head Office in Pasay City, further solidifying the park's role in the country’s economic landscape.

PEZA Director General Tereso O. Panga and Deputy Director General Anidelle Joy M. Alguso signed the agreement alongside Victoria Industrial Park, Inc. (VIPI) Corporate Secretary Melissa Yap and VIPI President John Thomas Yeung. The event was attended by key figures including Food and Drug Administration (FDA) Director General Dr. Samuel Zacate, Tarlac Congressman Christian Tell Yap, Victoria, Tarlac Mayor Rex Villa Agustin, and Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Secretary Frederick D. Go.

This landmark registration aligns with President Ferdinand Marcos, Jr.'s Proclamation No. 623, issued on July 4, 2024, which designates lands in Brgy. Baculong, Victoria, Tarlac as a Special Economic Zone (SEZ). The 297,719 square meter area is set to attract significant investment and generate job opportunities, furthering the Philippines' ambition to become a leading investment destination in Asia.

In his remarks, PEZA Director General Panga highlighted the significance of the agreement, noting, “With this Registration Agreement signing, we see the fruition of Victoria Industrial Park Inc.'s innovative and exemplary ideas, which are dedicated to advancing economic growth and development in the country.”

Congratulating the partnership, Tarlac Congressman Christian Tell Yap, who also serves as Vice Chairperson of the House Committee on Economic Affairs, emphasized the collaborative effort between PEZA and FDA to enhance industry standards and job creation.

“This collaboration marks a strengthened public-private partnership and underscores our commitment to boosting the nation's economic capabilities through the development of ecozones,” Yap added.

The registration agreement signifies a pivotal development in the Philippines' economic strategy, with the Victoria Industrial Park poised to contribute significantly to the region's growth and job creation efforts.