November 5, 2006
THE ILOCOS TIMES - NEWS

Ilocos Norte expects P5B to pour after investment summit

The recent Ilocos investment summit would generate at least P5 billion in potential investments within the five key investment areas that Ilocos Norte had offered to business leaders in the country according to Ilocos Norte Governor Ferdinand R. Marcos, Jr.

The governor said the estimated amount of offers during the three-day forum earlier this month would reach P5 billion should businessmen pursue their commitments in the areas of mining, tourism, agriculture, transportation and social enterprise.

Marcos, however, failed to identify which of the companies had signified their interest in putting up new investments.

The summit gathered the country’s major industry players in telecommunications, transport, banking, financing and development sector including embassy representatives of the United States, Germany, China and Taiwan.

The governor said mining companies have signified their renewed interest in exploring the province’s mineral deposits such as iron, ore, manganese and feldspar.

“We have stirred interest. (While) we can not describe the summit as success until you see the investments, we will have a better idea in the coming weeks,” he said.

The provincial government shelled out some P2.5 million to cover the three-day expenses of hosting the event from hotel accommodation, transportation, meals and other related expenditures.

But Marcos said the amount the government spent was a small price to pay considering the return on investment.

“If all the structures are put in place, then we would recoup all our expenses,” he said.

Secretary Arthur Yap, who is supervising the development of the super regions, had said that of the P56.8 billion budget allocated for the North Luzon agribusiness quadrangle, more than P8 billion were set aside for the 46-megawatt Burgos wind farm that the Philippine National Oil Company will start implementing next year.

An additional P780 million were earmarked for the second phase of the Bangui Bay wind farm project under the Department of Energy.

Cristina Arzadon, (PIA-Ilocos News Service)

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