Australian investors to pour in total of $40.4-M for power plant, hotel, and GPS in the Philippines

During the signing of LOI of Australian Technology Company declaring its plans to assemble Global Positioning System (GPS) devices in the Philippines for the export market (photo credit to DTI)

Foreign investors keep on coming in the country.

To further pursue a more significant economic progress, the current administration has outlined different aspects of reforms and business strategies.

After being hailed as the best country to invest in, Philippines has indeed attracted foreign investors world wide to expand their business.

In recent business news, Trade Secretary Ramon M. Lopez and Foreign Affairs Secretary Alan Peter S. Cayetano witnessed the signing of letters of intent (LOI) last week from the Australian private sector.

The said LOI covers the development of a $10 million biomass power plant, construction of a $30 million hotel and residential units in Mactan, Cebu City, and the construction of a $400,000 assembly facility for the Global Positioning System (GPS) devices.

Furthermore, the biomass facility will be led by FPC Funds Management Pty. Ltd. and Solid Energy Technologies Pty. Ltd and is said to be completed in May.

The facility will also generate a total of 150 jobs-100 for tradesmen during the construction phase and 50 plant operators.

Aside from these, it will also assist 700 farmers in fuel-crop plantations covering about 560 hectares and will provide power supply to locators inside the Cagayan Special Economic Zone, and to those near the area.

Meanwhile, the Trend International Ocean Tower, a hotel-condominium in Mactan, is set to ground break this year once permits are completed in time. This project will generate employment to around 100 workers.

On the other hand, the GPS project is expected to run by January next year.

In a speech before the Australian-Philippines Business Council, Lopez shared the double effort of the government to give support to small and medium enterprises (SMEs) to ensure their growth, development and competitiveness.

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