Olongapo SubicBay BatangGapo Newscenter

Monday, March 01, 2010

US firm starts $50-b Zambales project

IBA, Zambales—Swiss Global Connect USA, an American financing company, broke ground for the first phase of its multi-billion peso project involving the construction of infrastructure projects, property development, tourism, mining and agricultural research center in this province.
Zambales inks multi-billion investment.Zambales Governor Amor Deloso signs the Memorandum of Ageement (MOA) with Swiss Global Connect USA and AIPAC Phil. Management Corp President Ms. Rubina Zahid that would earmark $50-Billion US over a 10-year period to fund priority projects in tourism, real estate, infrastructure, agriculture and mining. (Allen Villa, PIA-Zambales)

Zambales Gov. Amor Deloso led the groundbreaking ceremony with Rubina Zahid, president of AIPAC Philippines Management Corp., Swiss Gobal’s local partner. AIPAC committed to provide $50 billion to finance the project.

Deloso said Swiss Global would implement the project under the government’s build, operate and transfer and build, operate and own programs.

Deloso said the first phase of the project involved a mass housing project in Botolan town for some 5,000 residents displaced by a series of typhoons last year and the rehabilitation of the six-kilometer Bucao river dike.

“The provincial government has outlined a 10-year infrastructure development programs identifying the Zambales dream project which was envisioned to spur economic growth in the province,” Deloso said.

Priority projects are on tourism and real estate development, infrastructure, agricultural research, indigenous power supply, and mineral enhancements and exploration sectors.

“I would like to thank Swiss Global Connect USA and AIPAC Philippines Management Corp. for believing in the Zambales 2020 vision,” Deloso said.

Zahid said her company had set its eyes on Zambales because of its natural beauty and topography.

She said the projects would generate substantial direct ventures through “foreign investment multiplier effect.” manilastandardtoday.com - by Cecille Garcia - manilastandardtoday.com

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