President Benigno Aquino Jr. has approved the creation of the first Agro Industrial Economic Zone in Negros Oriental located in Barangay Palinpinon, Valencia.
President Aquino issued Presidential Proclamation No. 156 dated April 26, 2011, creating and designating a parcel of land in Barangay Palinpinon, as an agro-industrial economic zone pursuant to Republic Act No. 7916 as amended by Republic Act no. 8748.
The area which covers about 43,252 square meter lot will be known as Valencia Special Economic Zone.
Prior to its approval, the Philippine Economic Zone Authority (PEZA) passed a board resolution declaring the area as Valencia Special Economic Zone.
PEZA promotes the establishments of economic zones in the Philippines for foreign investment. A PEZA declared economic zone will ensure investors of world-standard facilities and support services.
The Valencia Hydraulic System Technologies, Inc., engaged in the production of underwater equipment, was the first company to operate in the economic zone.
The local government of Valencia which hosts the geothermal facility of Energy Development Corporation took the initiative of establishing its industrial park in a bid to generate more livelihood and work opportunities for local folks.
The town has been identified by the government as a suitable site for micro-industrial companies as it provides electric subsidy to its electric consumers. (PIA NegOr/JCT)