The Public-Private Partnership (PPP) Center and the provincial government of Ilocos Norte have inked a memorandum of agreement (MOA) to mobilize resources and transform the province into an economic hub within the Southeast Asian region, the National Economic and Development Authority (NEDA) said.
In a statement on Tuesday, NEDA said plans include reviving international flights to destinations such as China, Hong Kong and Taiwan at Laoag International Airport to enhance tourism, stimulate the local economy, and increase connectivity between the province and major international markets.
According to NEDA, the MOA represents a significant step towards enhanced collaboration between the public and private sectors in shaping the region’s economic landscape.
The ceremonial signing of the MOA took place at the PPP Center office in Quezon City on February 28, the agency added.
NEDA said the MOA aims to improve infrastructure development and stimulate economic growth in the province.
It will focus on a pipeline of PPP projects and support various stages of the PPP implementation process, including project review, approval, procurement, implementation and monitoring.
The value of the funds required to push through with the plans indicated in the MOA was not disclosed.
NEDA Secretary Arsenio Balisacan, in the statement, expressed the agency’s support and emphasized the importance of strengthening partnerships between the government and the private sector to expedite development.
“By leveraging the strengths of both the public and private sectors, we can mobilize resources, enhance efficiency, and ensure long-term sustainability in our development efforts,” Balisacan said.
The partnership also includes policies to support the agriculture sector by empowering local farmers through the organization of cooperatives to promote sustainable agricultural practices.
Additionally, the collaboration aims to drive advancements in the technology sector, including innovations in renewable energy, data centers and manufacturing.
These efforts aim to generate high-quality jobs and unlock new opportunities for both local and global investments, NEDA said.
“I hope the activities outlined in the MOA and the lineup of proposed projects by the provincial government inspire other local government units and implementing agencies to explore PPPs as a means for rapid and sustainable economic transformation,” Balisacan said.
