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PIA Press Release

Iloilo town to benefit from $12.97-M grant from South Korea

Iloilo (1 June) -- The municipality of Pototan in this province is one of the areas in the country identified that will benefit from the $12.97 million worth of grant from a South Korean firm.

According to a Malacanang report the Korean International Cooperation Agency (KOICA) has pledged to release the amount for the establishment of four modern rice processing facilities in Sta. Barbara, Pangasinan; Pototan, Iloilo; Pilar, Bohol, and Matanay, Davao del Sur.

Agriculture Secretary Arthur Yap said KOICA has also committed $14.9 million or P700 million for the expansion of the Molinao Dam in Bohol to pave the way for the irrigation of almost all farmlands in the province.

KOICA is one of the three South Korean firms that have pledged to invest some $500-million worth of agricultural projects in the country. The other firms are Eco Solutions Co. Ltd and EnviroPlasma Ltd.

The signing of the memorandum of understanding for these proposed projects were witnessed by President Gloria Macapagal Arroyo and Korean President Lee Myung Bak at the Lotte Hotel in Seoul, South Korea.

President Arroyo is currently in South Korea for an official state visit until today, June 2.

On the other hand, Yap said Eco Solution and its affiliate, Eco Global Bio-Oils Inc., will invest $175 million on a jatropha plantation project in South Cotabato over the next three years while EnviroPlasma and its local partner, Central Luzon Bioenergy Corp., will invest $300 million on a sugar bioethanol plant in Clark,Pampanga capable of producing 500,000 liters of bioethanol daily. (PIA) [top]

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