President Ferdinand "Bongbong" Marcos Jr. issued Proclamation No. 701 on 5 October, 2024, designating an area in Barangay Lourdes, Tarlac City, as a Special Economic Zone (SEZ). The proclamation was made in accordance with Republic Act No. 7916, also known as the “Special Economic Zone Act of 1995,” and based on the recommendation of the Philippine Economic Zone Authority (PEZA).

Aboitiz InfraCapital, Inc. (AIC) is set to develop the Tarlac Industrial (TARI) Estate on a 200-hectare plot of land within the SEZ. The P7-billion project will include industrial, commercial, and residential components and is expected to generate 60,000 job opportunities, boosting local and national economic growth. AIC highlighted Tarlac City’s strategic location, governance, and economic activity as key factors in selecting the site for this development, which is slated for completion in two years.

This SEZ will be AIC’s fourth economic estate in the Philippines, with others located in Cebu and Batangas.