Aboitiz, HI seal JV for 184-ha TARI Estate expansion

ABOITIZ Economic Estates and House of Investments (HI) have finalized a joint venture (JV) through Tarlac Terra Ventures, Inc. to develop an additional 184 hectares (ha) at TARI Estate in Tarlac City to support manufacturing and logistics growth in Central Luzon.

“We see TARI Estate as a compelling long-term investment that aligns with our strategy of supporting developments that contribute to economic growth,” House of Investments President and Chief Executive Officer Lorenzo V. Tan said in a disclosure on Thursday.

“Through this partnership, we are participating in the creation of an industrial ecosystem that can support manufacturing, logistics, and supply chains for decades to come,” he added.

TARI Estate is a 384-hectare Philippine Economic Zone Authority (PEZA)-registered special economic zone in Tarlac City. The site sits near major expressway intersections and is close to Clark International Airport and key seaports, supporting industrial, commercial, and institutional developments.

The partnership combines Aboitiz Economic Estates’ industrial estate development capabilities with HI’s investment resources to support the estate’s expansion.

Rafael Fernandez de Mesa, president and chief executive officer of Aboitiz Land and Aboitiz Economic Estates, said integrated industrial ecosystems are becoming increasingly important for manufacturing.

“Industrial competitiveness increasingly depends on ecosystems rather than standalone sites,” he said.

“As more companies establish operations here, we expect the estate to become an important node within Central Luzon’s evolving industrial corridor,” Mr. De Mesa added.

TARI Estate’s development is progressing toward full locator-ready status, Aboitiz Equity Ventures, Inc. (AEV), the listed holding company of the Aboitiz Group, said.

The estate’s first 90-hectare phase has been fully sold, with locators advancing facility construction and operational planning. Subsequent phases are progressing in parallel to meet rising demand for industrial land in Central Luzon.

The project is also rolling out key infrastructure, including roads linking to Luisita Road, power and water systems, fiber connectivity, and utilities to support continuous industrial operations. PEZA and Bureau of Customs facilities are expected to be operational by the first quarter of 2027.

Early locator activity at TARI Estate is building operational momentum, with manufacturers such as Coca-Cola Europacific Aboitiz Philippines (CCEAP) and Ajinomoto Philippines Corp. establishing facilities and moving toward operations.

Their commitments signal confidence in the estate’s location for large-scale manufacturing, while additional companies are in advanced stages of negotiation, the company said.

Once fully developed, TARI Estate is expected to generate more than 60,000 jobs in Tarlac province and the wider Central Luzon region. The estate officially broke ground in May 2024. — Alexandria Grace C. Magno