TARLAC CITY, PHILIPPINES — Department of Trade and Industry (DTI) Secretary Fred Pascual hailed the groundbreaking ceremony of Aboitiz InfraCapital’s TARI Estate as a breakthrough in the region’s economic landscape.

Held on May 7, the ceremony highlighted the crucial role these economic zones play in attracting foreign investment, fostering job creation, and enhancing the nation’s competitive edge.

“Economic zones and industrial estates are not just spaces for business production, they also act as drivers of economic advancement and bridges to international cooperation,” said the trade chief.

“They serve as windows of trade opportunities, especially for the international business community—with the goal of propelling export promotion and expanding linkages with foreign trade partners,” he added.

The TARI Estate development promises numerous of benefits for the Philippine economy with its world-class infrastructure, envisioned to attract substantial foreign investment and leverage the Philippines’ competitive edge in the global market.

By fostering stronger collaboration with local and foreign investors, the TARI estate is set to create high-value jobs in Tarlac City and surrounding areas, aligned with the DTI’s human capital development goal of ensuring that every Filipino has the opportunity to contribute and benefit from the nation’s economic expansion.

During the groundbreaking ceremony, Secretary Pascual reaffirmed the government’s commitment to the ongoing reforms that enhance the ease of doing business for both local and foreign investors.

“The DTI stands with the government in advocating for reforms to improve the investment climate. We are not only proactive but also pro-business,” said the DTI chief.

“From a whole-of-government approach, we now call for a whole-of-nation approach in communicating to local and international business communities that the Philippines is open for business,” he added as he urged for stronger public and private partnerships to attract further investments and drive sustainable economic growth.

Aboitiz InfraCapital (AIC), the infrastructure arm of the Aboitiz group, is the leading developer of smart and sustainable industrial estates in the Philippines and Asia. It has a proven track record of success with three existing economic estates spread across Batangas and Cebu.

The AIC venture in Tarlac will be its fourth economic estate and is expected to advance the region’s economy. ♦

Date of release: 08 May 2024