On March 24, 2021, the Philippine Economic Zone Authority (PEZA) and the Quezon City government signed a Memorandum of Agreement (MOA) to establish a partnership aimed at promoting economic growth and development in the city.
The MOA between PEZA and Quezon City government seeks to encourage economic activity in the city by creating more job opportunities and increasing investments in the area. Under the partnership, both parties will work towards the development of a PEZA Special Economic Zone within the city.
PEZA is a government agency that aims to promote investments and economic activity in the country by offering incentives to businesses. The establishment of a PEZA Special Economic Zone in Quezon City is expected to encourage foreign and local investors to set up shop in the city.
This will not only drive economic growth but also create new job opportunities for the residents of Quezon City. The partnership is a significant step towards achieving a more robust and sustainable economy in the city.
According to the MOA, the Quezon City government will provide support to PEZA in acquiring, developing, and maintaining the designated economic zone. The city government will also provide incentives to businesses setting up shop within the zone, such as tax exemptions and reduced rates on utilities.
PEZA, on the other hand, will provide technical and financial support to the city government to ensure the successful implementation of the project. The agency will also manage the economic zone and monitor the compliance of businesses with the guidelines and regulations set by PEZA.
The MOA highlights the importance of public-private partnerships in driving economic development in the country. The partnership between PEZA and Quezon City government is a testament to the government`s commitment to promoting economic growth in the country.
The establishment of a special economic zone in Quezon City is an opportunity to attract more investments, create more job opportunities, and drive economic growth. The partnership between PEZA and Quezon City government is a step in the right direction towards achieving a more vibrant and sustainable economy in the city and the country as a whole.