Quezon City, Philippines - Two government corporations, the Aurora Pacific Economic Zone and Freeport Authority (APECO) and Philippine Aerospace Development Corporation (PADC), have bonded together over the weekend for development.
At the signing of their Letter of Agreement at the Luxent Hotel on Friday, APECO president and CEO Atty. Gil Taway said their collaboration "is born out of shared vision and a common commitment to the self-reliant defense posture, AFP (Armed Forces of the Philippines) modernization, and more broadly ensuring the security of our nation while contributing to economic growth and sustainable development for all."
The partnership, according to Taway, will establish maintenance, repair, overhaul, facilities for aerospace equipment, and air assets of the countries security forces "as well as our partners in the private sector and civil aviation."
For his part, Atty. Raymond Mitra, PADC President and CEO, said the location of APECO is "strategic" for them, to have facilities and units of the Philippine Navy, Coast Guard, and PNP Maritime Unit who are guarding our Pacific Eastern seaboard and the vast expanse of Philippine Rise."
Taway said they "will explore various joint undertakings within the Ecozone, such as joint ventures and consortia with other corporate entities that the PADC has, or any other viable contracts."
"APECO will provide the land, while PADC will contribute to the development and operation of commercial and utility projects within the zone," Taway added.
The agreement covers 25 hectares of APECO's over 12,900 hectares of economic zone. Details of the contract as well as the lease expenditure will now be ironed out as the two goverment corporations agreed to push for the collaborations.
This news article, authored by Jing Villamente, was first featured on Daily Tribune on 21 January 2024. To read the article, please visit the original publication on this link.
