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P27.55-billion investments promised for Puerto Princesa

P27.55-billion investments promised for Puerto Princesa

VARIOUS local and foreign companies pledged on Wednesday a total of P27.55 billion worth of investments in the City of Puerto Princesa on the back of its economic growth potential and conducive business environment.

These committed projects, either for immediate expansion or three- to five-year initiatives, are mostly related to tourism, food, agriculture, fishery, education and business-process outsourcing industries.

Mayor Lucilo R. Bayron said the investments correlate to the priority sectors the city government focuses on.

“We look forward to receiving them to the City of Puerto Princesa as they continue with their investments,” he told reporters at the sidelines of the Puerto Princesa City Business Forum in Pasay City.

These undertakings, the mayor said, will not only help boost the local economy but also generate employment opportunities for his constituents.

“For me, we have more unemployed and underemployed than the employed ones,” Bayron said in both English and Filipino. “[These pledges] will be of big help because investment can be equated to employment. So this is what we will gain.”

In turn, the local government of Puerto Princesa promises to take care of investors’ needs by ensuring ease of doing business in the city—through streamlined processes for business registration, for building permits, and for certificates of occupancy, among others, according to the mayor.

City hall plans to improve the city’s road network, Internet connectivity, and water and energy supplies. Incentives are delivered through taxation policies in place.

The 12 companies that pledged new or additional investments to Puerto Princesa were: Oma’i Dang Maria, with an amount of P10 million; APL Food Services, P10 million; Puerto Princesa Memorial Park, P25 million; Oneson Properties & Development Corp., P75 million; Princesa Garden Island Resort and Spa, P275 million; Astoria Hotels and Resorts Group, P600 million; Adventist Hospital Palawan, P1.5 billion; YIBU Education Technology Co. Ltd., P2.1 billion; Allied Care Experts Medical Center, P3.8 billion; CoHo by Vista Land, P3.8 billion; Green Asia Construction and Development Corp., P7.55 billion; and SM Prime Holdings Inc., P17.55 billion.