By Manny Galvez (The Philippine Star) Updated April 19, 2010 12:00 AM
AURORA PACIFIC ECONOMIC ZONE, Philippines – At least P2 billion worth of prospective investments and projects will be poured at the economic zone in Casiguran town, Sen. Edgardo Angara said here yesterday.
Angara said that of the P2-billion in investments and projects, P1 billion will be funded by a group of Japanese investors for the construction of the airport terminal inside the ecozone. He said this would be constructed under the build-operate-transfer scheme.
Angara said a Korean firm will put up a heavy equipment depot while Petron Corp. will set up a P100-million oil depot while McCormick Corp. will also put up a processing plant inside the ecozone.
“Easily, these investments will translate into P2 billion for the boom in the ecozone, particularly when the road network from the Dinadiawan-Maddela Road, which has started construction is connected to Casiguran town.
Angara said a proposed Ro-Ro port that will ply the Dingalan-Casiguran-Palanan (Isabela) route has also been approved for construction by the National Government.
The senator, who hails from the capital town of Baler, said APECO is an excellent choice for business and investment because of its strategic location and its vast source of educated, highly skilled manpower. For the shipping and transshipment operation, the zone offers an advantage in terms of time saved in shipping and for countries on the east side of the country, less fuel is consumed.
“The cost of land is relatively marginal. The zone promotes green urbanism, green technology, the first in the country to run on renewable energy and energy efficient technology,” he said.
He added that investors are entitled to tax incentives such as income tax holidays from four to six years and tax exemptions from machinery that will help preserve the environment, raw materials incentives on breeding stocks and genetic materials and exemption from wharfage dues.
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