TARLAKENYO (July 31, 2024) — Some Indian pharmaceutical companies will be putting up manufacturing plants in the Victoria Industrial Park (VIP) in Victoria, Tarlac that will help with local supplies of medicines.
The Philippine Economic Zone Authority (PEZA) Director General Tereso Panga said that the country’s rapid population growth means greater demand for medicines.
“It makes sense for Indian and multinational corporations to set up facilities in the Philippines by way of import substitution industrialization,” Panga said.
PEZA and FDA signed a Memorandum of Agreement (MO) today to support the development of VIP.
VIP is being developed as a pharma-focused ecozone which will also host a Food and Drug Administration laboratory.
“Taus puso po ang ating pasasalamat kay President Ferdinand “Bongbong” Marcos Jr., Special Assistant to the President for Investment and Economic Affairs Frederick D. Go, PEZA Director General Tereso O. Panga, at FDA Director General Dr. Samuel A. Zacarte sa pagpili sa segundo distrito bilang unang pharmaceutical economic zone sa bansa,” Tarlac Second Congressional District Representative Christian Yap said during the MOA signing.
PEZA is meeting with 27 Indian technology companies and nine pharma companies, to attract more locators within its ecozones.
“Magkakaroon po tayo ng maraming trabaho para sa distrito at probinsya,” Yap added.
Early this month, President Ferdinand Marcos Jr announced the designation of a 297,719 sqm property in Barangay Baculong in Victoria, Tarlac, as the ‘Victoria Industrial Park’ under Proclamation No. 623.
