What are the potential benefits of utilizing mod_rewrite for redirecting webpages in PHP applications?

When working with PHP applications, utilizing mod_rewrite for redirecting webpages can provide several benefits such as improving SEO by creating clean and user-friendly URLs, enhancing website security by hiding the actual file paths, and improving website performance by reducing the number of HTTP requests.

RewriteEngine On
RewriteRule ^old-page$ /new-page [L,R=301]