A proposed P125-billion economic zone in Quezon province is seeking the approval of President Duterte to kick start its development that would come “at no cost to the government.”
Three foreign companies have expressed their interest to finance the project, according to Philip Cea, chair of Achievements Realty Corp.
The proposed ecozone, tagged as the Greater Lucena Integrated Ecozone project, has been approved by the Philippine Economic Zone Authority earlier this year. As part of protocol, it now seeks presidential proclamation in order to be an official ecozone.
“The most important part is the signature of the President Duterte. If he says yes, these companies are ready, willing, and able to invest at no cost to the government,” he said in a press conference Tuesday.
The companies mentioned were China Communications Construction Company Ltd., Posco, Alloy MTD Group of Malaysia, and Korean steelmaker Posco.
ARC donated 1,500 hectares of land for the proposed economic zone, which would cover seven municipalities in the area.
Breaking down the total cost per major segment, Cea said that P75 billion would go to the industrial zones, P25 billion for a 200-hectare airport, and the remaining P25 billion will be for an international port.
In the same press conference, Peza Director-General Charito B. Plaza said that Cea might seek partners to further develop certain parts of the ecozone, such as the ports.