Defining the News
President Marcos has signed Proclamation No. 623, designating a land in Barangay Baculong, Victoria, Tarlac as a special economic zone, Malacañang said on Sunday.
Special economic zones are defined as 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. 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 based on a detailed feasibility and engineering study.
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