DUMAGUETE CITY, Negros Oriental, Philippines (PIA) — President Benigno Aquino Jr. has approved the creation of the first Agro Industrial Economic Zone in Negros Oriental which will be located in Barangay Palinpinon, Valencia.

The President 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, in a property totaling some 43,252 square meters, will be known as the Valencia Special Economic Zone.

Prior to its approval, the Philippine Economic Zone Authority (PEZA)had passed a board resolution declaring the area as the Valencia Special Economic Zone.

PEZA promotes the establishments of economic zones in the Philippines for foreign investment. A PEZA-declared economic zone ensures investors of world-standard facilities and support services.

The Valencia Hydraulic System Technologies, Inc., engaged in the production of underwater equipment, is the first company to operate in said economic zone.

The local government of Valencia, which hosts the geothermal facility run by the Energy Development Corporation, took the initiative of establishing the industrial park in a bid to generate more livelihood and work opportunities for local folks.

Valencia town has been identified by the government as a suitable site for micro-industrial companies as it provides electric subsidy to its electric consumers.