MANILA - President Ferdinand R. Marcos Jr. has signed a proclamation creating a new special economic zone in Tarlac City, to be known as TARI Estate. Proclamation 701, inked by Marcos on Oct. 2, creates and designates a parcel of land in Lourdes village in Tarlac City as a special economic zone under Republic Act (RA) 7916, or the Special Economic Zone Act of 1995, following the recommendation of the Philippine Economic Zone Authority (PEZA) Board of Directors. TARI Estate has a total area of 2 million square meters, according to the presidential proclamation made public on Saturday. RA 7916, signed into law on Feb. 24, 1995, aims to encourage economic growth through the development of special economic zones called 'ecozones.' Special economic zones are defined in the law 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.' An ecozone may contain industrial estat es, export processing zones, free trade zones, and tourist/recreational centers. TARI Estate is the fourth economic estate of Aboitiz InfraCapital (AIC) Economic Estates and is expected to generate 60,000 new jobs. The estate will offer world-class facilities and amenities provided by Aboitiz Group affiliates, including power, construction, financing, smart city technology, and government support, to create a vibrant ecosystem for businesses. TARI Estate aims to differentiate itself from conventional industrial parks and foster a dynamic lifestyle hub by integrating diverse asset classes, such as retail, office spaces, residential areas, dormitories, warehouses, and hospitality. (PNA) Source: Philippines News Agency