Zambales, Philippines Endorses $50-B In Investments With Swiss Global Connect USA

September 12, 2009

By system

The provincial government of Zambales, Philippines, received a big increase with a $50-billion investment to be earmarked for priority projects on many tourism, real estate development, infrastructure, agricultural research, indigenous power supply and mineral enhancements sectors.

The provincial government inked a memorandum of agreement (MOA) with Swiss Global Connect USA, in partnership with AIPAC Philippines Management Corporation.

Governor Amor D. Deloso said an initial $50-billion will be earmarked over a 10-year period to bankroll the province’s development projects in tourism that include the San Salvador Island, Masinloc Resort Complex; Mt. Tapulao, Palauig Tourism Complex and Zambales Fantasy Island in Subic.

The infrastructure development projects to be financed include the Toll By-pass Expressway linking Tarlac and Zambales and incorporating it with the North Luzon Expressway (NLEX) and the Subic-Clark-Tarlac Expressway (SCTEX); and the improvement and rehabilitation of the Iba Airstrip into a domestic airport.

A 620-hectare real estate development in the town of Subic, transforming the area into a financial zone, educational and learning center, with executive housing, parks, hotels, convention center and state of the art hospital will also be funded.

Also included in the planned development projects are the state-of-the-art agricultural research center in a possible tie-up with the Ramon Magsaysay Memorial State University (RMMSU) for research and development to be equipped with new laboratory equipment and machines.

Swiss Global Connect USA president/CEO Rubina Zahid, after the MOA signing, said their company has really set its eyes on Zambales because of its natural beauty and topography.

“We certainly see that these proposed projects will substantially enhance the image, not only of Zambales but of the entire Philippines amidst the global economic meltdown,” Zahid said.

She said investment will generate substantial direct investment through “foreign investment multiplier effect,” contributing to the GNP and GDP and introducing critically needed cash-flow to spur countryside development and employment generation for Philippine business.

Deloso, for his part, said his administration is committed to support all the necessary assistance the investors needed for the success of the project.

“I would like to thank Swiss Global Connect USA and AIPAC Philippines Management Corp for seeing the positive aspects of this province and for believing in the Zambales 2020 vision,” he said.

“We will walk through this development with you and give you all the support you will need from my administration,” he said.

The governor also said that Philippines President Gloria Macapagal Arroyo deserves praise too because he believes that the multi-billion investment is an offshoot of the President’s state visits to various nations.

“She carries the development portfolios of all the provinces with her whenever she goes out of the country, as what I have experienced when she invited me to go with her to Korea,” Deloso added.

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