Businesses set to invest P31.48B in Iloilo City

Five local and foreign businesses have pledged to pour a total of P 31.48 billion in investments in Iloilo over the next three years.

These prospective investors are: Palm Concepcion Power Corp. that will be putting up a 270megawatt power plant complex in Concepcion town of Iloilo, and with investment value of P 12.5 billion;

Global Business Power Corp. will invest P15 billion for the expansion of its power plant complex in La Paz district in Iloilo City;

Energy Renewables Asia, Inc. will invest P630 million for a 6.5megawatt photovoltaic solar power plant in Jaro district of Iloilo City;

Intracare, Inc. will spend P100 million for the construction of a luxury hotel with international celebrity chefs; and Double Dragon Properties Corp. will construct five city malls, with floor areas of 5,000 to 10,000 sq. m., and with investment value of P1.4 billion.

Mayor Jed Patrick Mabilog said he was very happy with the successful result of the business summit in Manila participated in by more than 200 investors. " Iloilo City means business. It simply shows to the whole world that we are world class," he said.

The business boom of the city was also due to the support of the private- public partnership. " We are hoping to translate this into reality. Whatever the return of it will simply show us that we are a developing city," said the mayor.

Apart from the P31.48 billion in private investments, the government has also set aside P 4 billion in infrastructure funds for the city's road network project, Mabilog added.