The Philippine Economic Zone Authority (PEZA) and the Energy Regulatory Commission (ERC) are eyeing a memorandum of agreement (MOA) to bolster regulatory frameworks and foster innovation.
PEZA director-general Tereso Panga and ERC chairperson and chief executive Monalisa Dimalanta discussed potential collaboration areas in a July 14 meeting, agreeing in principle to the proposed MOA.
A key element of the agreement is the creation of a regulatory sandbox framework within PEZA economic zones. This framework would allow controlled trials of new technologies and business models under relaxed regulations and close supervision.
The initiative aims to create an environment conducive to innovation, generating data and insights to support evidence-based policymaking in the energy sector and other areas. By acting as testing grounds, PEZA zones could produce valuable information for policy development.
This is expected to benefit both regulators and innovators by enabling quicker adaptation of regulatory tools and fostering an environment for innovation, especially in the energy sector.
The MOA would also prioritize data sharing between PEZA and ERC to enhance transparency, improve regulatory efficiency and streamline the implementation of future policies.
