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PIA Press Release

2 major projects tackled at investment confab

by Prix D Banzon

Davao City (25 October) -- Two major projects were extensively discussed during the business matching of the BIMP EAGA Investment Conference (iCon) on Tuesday in Davao City.

An iCon report released to the press on Wednesday showed that the Mindanao Railway Project highlighted the business matching that paved the meeting of Vicente Lao, chair of the Mindanao Business Counbil and Faisal Kasim, chief executive officer of MCC Capital Projects, Ltd.

Preliminary discussion revolved on the project identified as the priority project of the Arroyo administration.

The MCC Capital, a London base company, expressed intention to finance the Feasibility Study and undertake the development of the project.

The project as proposed by Lao be undertaken through build-operate-transfer (BOT) scheme however the MCC suggested to do it on a joint venture agreement with the local government units (LGU).

The Department of Trade and Industry agreed to assist in convening the LGUs to put forward the possibility of forming a partnership agreement on a 60%-40% scheme with MCC Capital but with the lgu having the majority stake.

Documentary requirements are being facilitated by end-October to pave the way for the conduct of the survey by MCC Capital engineers in November 2007.

The Development of Hijo Port Town is another high-light profile which was floated by the proponent, Hijo Resources Corporation. Initial talks were made with two possible partners, the Amerint Company and MCC Capital Projects.

The Amerint Company is willing to be a fund provider of the big ticket project with a minimum capital infusion of US$10.0 million.

The MCC Capital on the other hand looks at the development of Apo Industrial Estate, Port & Housing Development.

The report meanwhile indicated a total of 21 projects initially discussed by proponents with potential partners.

Other projects include Housing Development in Zamboanga, Hotel/Resort Development, Coal Mining, Mining, Rubber, Coconut derivatives (coco oil, motor oil, dessicated coconut), Jatropha (biodiesel), Jatropha Research Center, Seaweeds, Processed Seafoods, Goat Raising and Development of Prawn Farm.

There were 28 projects listed for business matching under the Natural Resources Development Cluster, four for tourism development, and seven for transport, infra and communication. There were buyer-suppliers looking for buyers, and six buyers looking for suppliers. A total of 15 projects were listed for technical assistance and nine for financing assistance. (PIA XI) [top]

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