Australians to pour $40.4 million for power plant, hotel in PHL

With the intent to make the best use of the country’s developing economy, Australian entrepreneurs are exploring the possibility of investing a total of $40M on an eco-powerplant and hotel projects in the Philippines.
A GPS Assembly facility is also seen to be established with an initial investment of $400,000 already underway funded by the GPS tracking provider company, FLEETLogic Co. and its associates, expected begin operations by January 2019.

The signing of the Letters of Intent (LOI) as proposed by the Australian private sectors were witnessed by Trade Secretary Ramon M. Lopez along with Foreign Secretary Alan Peter S. Cayetano. The proposal includes the planned development of a Biomass Power Plant costing $10M and the $30M Hotel and Real Estate venture in Mactan, Cebu.

FPC Funds Management Pty. Ltd. and Solid Energy Technologies Pty. Ltd will facilitate the Biomass facility expected to be finished in May this year that could help generate approximately 150 jobs for the entire duration.

The Biomass facility aims to assist 700 local farmers in using organic matters to be converted as fuel in a plantation covering 560 hectares eventually used to supply source of electricity inside the Cagayan Special Economic Zone and the surrounding area.

If all necessary permits are given on time, groundbreaking for the Hotel-Condominium, on the other hand, is expected this year targeting to employ at least 100 workers. Owned by JBC Ventures, it shall be named as Trend International Ocean Tower.

Trade Secretary Lopez encouraged Australian investors that now is the best time to invest in the Philippines, in a speech before the Australia-Philippines Business Council because of the newly implemented Tax Reform Law that increased the net take home pay of workers with a guaranteed improvement of the population’s buying capacity.

Small and medium Enterprises (SMEs) shall be ensured of growth, long-term development and competitiveness by persistent initiatives of the Philippine government through the P3 Program or Pondo Para sa Pagbabago and Shared Service Facility (SSF).     

With the idea of President Duterte’s BUILD, BUILD, BUILD program, Trade Secretary Lopez also emphasized the significance of trade base between Manila and Canberra (Australia’s Capital City) by focusing in agricultural commodities, shipbuilding, information technology and business-process management services, among others.

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