Gov’t working to improve PH investment climate – Duterte

DAVAO CITY – President Rodrigo Duterte on Friday assured the business community anew that the government was doing everything it can to make the environment conducive for investors.

Speaking at the launching of the P20-billion Azuela Cove, a 25-hectare mixed residential and commercial joint development project of Ayala Land Inc. (ALI) and homegrown developer, Alcantara Group of Companies here, Duterte said the government’s private partners in development can be assured of doing business with ease under his administration.

“I assure you private partners that government took measures for you to do business with ease,” he said.

He also commended ALI and the Alcantara group – owned by the family of Finance Secretary Sonny Dominguez – for the joint venture, which he said showed that government and the private sector “can achieve stronger ties” to bring more jobs to the people.

Duterte said the joint venture was also expected to increase land valuation and open opportunities that would make the economy more vibrant and sustainable, as he said during the construction phase alone, some 6,500 workers will be hired.

“Over the years, Ayala Land has been committed to enrich the way we live and enhancing land nationwide,” Jun Bisnar, vice president and chief operations officer of ALI Vismin Group, said in a statement.

“We focus on inclusive growth, sharing our expertise as a full line property developer to communities around the country as we remain a reliable partner in nation building,” he added.

Based on the project briefer, ALI was to initially shell about P8 billion for the project’s first phase with between 2017 and 2021. The first phase will cover land development and retail construction, development of Ayala Land high rise condominium Phase 1 and the St. Luke’s Medical Center.

The company will shell out another P12 billion from 2021 for the development of Cove, additional towers and retail construction.

The briefer also stated 7,120 jobs will be generated when it starts to operate.

The project was expected to generate a total of 13,000 jobs from construction up to its full operation.