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CEBU, Philippines - Another special economic zone will soon rise in Lapu-Lapu City.
A memorandum of agreement was signed yesterday between Lapu-Lapu City Mayor Paz Radaza and Joseph Chua, chairman of the MacroAsia Properties Development Corporation, a firm based in Manila.
The Lufhansa Technik Philippines, represented by its president, Bernard Kruenger Sprengel, who was also present during the signing of the MOA, is one of the locators of the economic zone.
Under the MOA, the city government of Lapu-Lapu would welcome all investors and enterprises to do business in the city and nourish as well those that have found home in the city.
The Macro-Asia Properties and Development Corporation has relayed to the city government its intention to convert a five-hectare lot located at the Mactan Cebu International Airport into a Special Economic Zone under Republic Act 7916 or the PEZA law.
Under the memorandum of agreement, Macro-Asia shall pay the city government real property taxes and other taxes imposed on them as mandated by law.
The city government of Lapu-Lapu has assured to provide the delivery of basic services to the company.
Chua expressed thanks to Mayor Radaza and members of the city council for their favorable response to his firm's request.
According to Chua, the declaration of the five-hectare lot inside the premises of the airport as a special economic zone will attract more flights to Mactan.
Sprengel said his company decided to expand its operations at Mactan instead of at Clark Air Base because Cebu offers good business opportunities.
For her part, Radaza said Macro-Asia's expansion in the city could offer employment opportunities to city residents.
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