According to the Inquirer website, an enthusiastic President Benigno Aquino III announced a large flow of investment offers amounting to $5.45 billion in projects, which includes the expansion of power plants and construction of a bioethanol facility.
Mr. Aquino reported a minimum $2.85 billion in new investments and $2.6 billion in yet-to-be-firmed-up business deals from Japanese investors whom he met in Yokohama before attending the Asia-Pacific Economic Cooperation (APEC) leaders’ summit.
Itochu is investing $122 million in the construction of a bioethanol plant in the province of Isabela.
Marubeni is allocating $1 billion for the expansion of the power plant in Sual, Pangasinan. Another $1 billion is allotted for the power plant in Pagbilao, Quezon, and $600 million for the power plant in Calaca, Batangas.
Toshiba is also setting aside $133 million for the expansion of its electronics products in the country.
Mr. Aquino especially enthused Itochu’s plan to develop 11,000 hectares of sugar plantation in Isabela for bioethanol production which may generate 18,000 jobs in two years and help 15,000 farmers.
Aside from the $2.85-billion investment offers, new “possible projects” worth some $2.6 billion are on the table.These projects include the expansion of the Metro Rail Transit Line 7, Light Rail Transit 2, and digital TV system and equipment.
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