The P125-billion proposed special economic zone in the Greater Lucena area has attracted three financial backers, the Philippine Economic Zone Authority (Peza) said.
The 1,536-hectare proposed economic zone covering seven municipalities will be equipped with an international seaport and airport, among other facilities, which has drawn the interest of three financiers.
“The total cost is P125 billion, with P75 billion allocated for the industrial and residential part; P25 billion for the international airport and another P25 billion for the seaport. There were three financiers that have signified their interest, at no cost to the government,” said Achievements Realty Corp. President Philip Cea, the developer of the proposed economic zone.
The realty company owns the land, and will be responsible for overall project development of the zone.
The three interested proponents are Malaysian conglomerate Alloy MTD, South Korean group Posco and China Communications Construction Co. Ltd., Cea said.
Achievements Realty Corp. may engage one or all of the three financiers to bankroll the international airport and seaport.
“Cea, as the owner of the ecozone, can look for an investor to put up the port and logistics hub. He can also look for other investors to put up the factories in the industrial component,” Peza Chairman Charito Plaza said during a recent news conference on the realty development project in the Greater Lucena Area.
The Greater Lucena Integrated Economic Zone Project envisions to be the new home to the government’s national offices, such as the Malacañang, the Senate and House of Representatives. The proposal to transfer these offices to the Quezon province will be presented by Cea to the Chief Executive.
The project is now awaiting the approval of the Chief Executive.