Zambales inks $50-B investment

Zambales inks $50-B investment with US-Russian-Japanese partners

Iba, Zambales -- Governor Amor D. Deloso, receiving what he said was the best birthday gift in his entire life, signed yesterday a $50-Billion investment earmarked for priority projects in tourism, real estate development, infrastructure, agricultural research, indigenous power supply and mineral enhancements in the province.

Coinciding with his 71st birthday, the Memorandum of Agreement was inked between the Provincial Government and Swiss Global Connect USA in partnership with AIPAC Philippines Management Corporation in accordance with the built, operate and transfer (BOT) or the built, operate and own (BOO) programs of the national and provincial government, and was witnessed by various political leaders, heads of agencies, guests and well-wishers.

Swiss Global Connect USA and AIPAC Philippines Management Corporation is listed as a registered corporation duly authorized by the Securities and Exchange Commission (SEC) and is represented by its President/CEO Ms. Rubina Zahid.

main company, the Swiss Global Connect USA Inc, is a partnership of Russian, Japanese and American businessmen and is listed as a corporation in the State of California, USA.

Based on their unsolicited proposal which was unanimously approved by the Provincial Board in July, an initial $50-Billion US will be earmarked over a 10-year period to fund the province's development projects in tourism that include the San Salvador Island, Masinloc Resort Complex; Mt. Tapulao, Palauig Tourism Complex; Zambales Fantasy Island in Subic.

Infrastucture development including 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 upgrading and rehabilitation of the Iba Airstrip into a domestic airport.

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

A state-of-the-art agricultural research center in a possible tie-up with the Ramon Magsaysay Memorial State University (RMMSU) for research and development, equipped with modern laboratory equipments and machines that is envisioned to usher increased productivity consistent with the poverty alleviation programs of the province.

Allocation of at least 64-hectare shoreline area for the construction of a facility converting magnesium energy into alternative power supply.

exploration consistent with full compliance of environmental policies; and the dredging of Macolcol, Maloma and Bucao rivers to prevent flash flooding in nearby communities.

In her speech shortly after the MOA signing, Ms. Zahid said that 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 expressed.

Zahid added that the investment will generate substantial direct investment through "foreign investment multiplier effect," contributing to the GNP and GDP and infusing critically needed cash-flow to spur countryside development and employment generation.

Gov. Deloso, for his part, said that 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 features of this province and for believing in the Zambales 2020 vision."

"We will walk through this development with you and give you all the support you will need from my administration," the Governor exclaimed.

Deloso also said that President Gloria Macapagal Arroyo deserves praises too because he believes that the multi-billion investment is an off shoot 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," Governor Deloso explained. (By Allen M. Villa - PIA-Zambales)