Swiss Global Connect USA earmarks $ 50-B investments in Zambales

IBA, ZAMBALES—California-based financing firm Swiss Global Connect USA has earmarked on a $50-billion investment package to bankroll the province’s priority projects on tourism, mining and property developments.

Zambales Governor Amor D. Deloso made the announcement shortly after signing a Memorandum of Agreement on Thursday with Swiss Global Connect USA through local partner AIPAC Philippines Management Corporation represented by its president Rubina Zahid.

Deloso said that the agreement is in accordance with the built, operate and transfer (BOT) and the built, operate and own (BOO) programs of the government.

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

Among those priority projects includes 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.

For her part, 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 the entire Philippines amid global economic meltdown,” Zahid said.

Zahid added that the projects will generate substantial direct ventures through “foreign investment multiplier effect.”

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 resort, Palauig Tourism Complex and the Zambales Fantasy Island in Subic town.

On infrastructure developments, these include the by-pass expressway linking Tarlac and Zambales via 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.

A 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 equipment and machines to increase agriculture productivity.

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

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

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. (Rey Garcia)