The Philippine Economic Zone Authority (PEZA) and the Bases Conversion and Development Authority (BCDA) agreed to adopt an interim arrangement in separating their investment promotion agency (IPA) functions.
“This partnership between PEZA and BCDA not only prevents jurisdictional overlaps between the two investment promotion agencies, but also capitalizes on our core competencies to attract more investors to the Philippines, particularly along the Luzon Economic Corridor,” said PEZA director-general Tereso Panga.
Under the setup, BCDA will register and regulate new developer/operator projects in New Clark City, while PEZA will oversee locator projects.
The approach leverages BCDA’s expertise in property development and estate management alongside PEZA’s renowned one-stop-shop services for locators.
PEZA also committed to assisting BCDA in project registration as well as fiscal and non-fiscal incentive administration.
“BCDA looks forward to a fruitful collaboration with PEZA as we combine our strengths in infrastructure development and public-private partnerships with investment facilitation,” said BCDA president Joshua Bingcang.
BCDA also assured new investors that flagship projects like New Clark City would thrive under PEZA’s trademark ease of doing business.
