 |
| 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.
Source: Business Mirror
0 Comments