Chinese build ‘giant’ ecozone in Pangasinan

• Source: http://business.mb.com.ph/2017/07/07/chinese-build-giant-ecozone-in-pangasinan/
• Friday, July 7, 2017 10:01 pm

By Bernie Cahiles-Magkilat

$360-B investments include IT park in Manila

Xu Liang Dragon Group, owner of China’s biggest economic zone in Xiamen province, is developing a 3,000-hectare area encompassing 10 towns in Pangasinan into a mixed-use special ecozone (economic zone) and an IT Park in Manila with potential whopping investment haul of $360 billion.

This is the latest round of investment commitment by the Chinese in the Philippines in response to President Duterte’s friendly gestures toward China, whose territorial claims over the west Philippine sea triggered political tensions between the two countries during the Aquino administration.

Philippine Economic Zone Authority Director-General Charito B. Plaza announced this at the Maritime Silk Road China (Dezhou)-Philippines Business Opportunities Matching Conference held at the historic Manila Hotel where about 300 Chinese businessmen attended.

According to Plaza, these huge investments include $360 billion in potential investments for the Pangasinan ecozone and R12 billion for an IT park along Roxas Boulevard.

Plaza said she already met with Xu Liang Chief Executive Y.H. Chen, who was introduced by former House Speaker Joe De Venecia.

The Chinese group from Xiamen Fujian province, however, has not yet formalized the investment and has to register yet with PEZA.

But Plaza was certain of the investment saying a meeting with mayors from 10 municipalities in western Pangasinan has been set to identify the public lands and those private land owners, who will become partners of the Chinese investor.

The first phase of the project to be applied with PEZA is a 300-hectare petrochemical facility with a project cost of $15 billion.

Other big projects inside the ecozone include cement, tourism, agriculture, port facilities and renewable energy, among others.

“They are not just building a city, but a country,” said Plaza.

The project has a three to four year implementation period.

“This will be the biggest ecozone in Asia,” she said noting that Xu Liang is the biggest ecozone developer in China.

Meantime, Plaza said that the Chinese investor has already paid for the land beside Diamond Hotel along Roxas Boulevard for the construction of the P12-billion IT park.

The IT Park is envisioned to be an 85-storey building, similar to Xu Liang’s 85-storey building in Kaohshiung, the second tallest building in Taiwan.