Palace officials and the business sector have cited President Gloria Macapagal-Arroyo for “bringing home the bacon” from her South Korean and Russian trips last week.
Deputy Presidential Spokesperson Undersecretary Lorelei Fajardo said that many businessmen and Malacañang officials were happy over the USD 2.2 billion worth of investments which President Arroyo brought home Sunday.
Fajardo said the working visits of President Arroyo to the Republic of Korea (ROK) and the Russian Federation from May 31 to June 6, 2009 has brought home many investment commitments and agreements for the country.
President Arroyo went to ROK to hold bilateral talks with Korean President Lee Myung-Bak and to attend the Commemorative Summit marking the 20th Anniversary of ASEAN-ROK dialogue relations from May 31 to June 2.
She then proceeded to Moscow and St. Petersburg in Russia to hold bilateral talks with Russian President Dmitry Medvedev and to attend the St. Petersburg International Economic Forum from June 3 to June 6.
Fajardo said that investments in agriculture, energy, tourism and infrastructure formed the bulk of commitments from South Korean businessmen while the long awaited opening up of direct flights between the Philippines and Russia was agreed upon by the two country’s leaders.
Of the amount, 12.970 million US Dollars which would be used to construct a rice processing complex in Luzon would come from the Korean International Cooperation Agency (KOICA) and 150 million US Dollars from the Export-Import Bank of Korea (KEXIM) to fund wind and alternative power projects in the country.
Other investment commitments are:
- Korean firms Eco Solution Co. Ltd and EnviroPlasma Ltd. who have pledged to invest USD 475 million in alternative fuel projects in the country
- Eco Solution and its affiliate, Eco Global Bio-Oils Inc., will invest 175 million US Dollars on a jatropha plantation project in South Cotabato over the next three years.
- EnviroPlasma and its local partner, Central Luzon Bioenergy Corp., will invest 300 million US Dollars on a sugar bioethanol plant in Clark, Pampanga capable of producing 500,000 liters of bioethanol daily.
- USD 1.521 million “tourism package” from Korea’s M Castle Corporation for the construction of a resort in Subic
- USD 500 million for various agricultural projects including 14.9 million US Dollars or 700 million pesos from KOICA for the expansion of the Molinao Dam in Bohol
- USD 515 for the construction of a hotel and golf course in Clark, Pampanga
- USD 6.52 million investment for new agricultural projects
- USD 49 million coconut project
- USD 290 million in annual production from Hanjin Philippines, Inc’s ship component production facility in Subic.
- Korean firms Eco Solution Co. Ltd and EnviroPlasma Ltd. who have pledged to invest USD 475 million in alternative fuel projects in the country
- Eco Solution and its affiliate, Eco Global Bio-Oils Inc., will invest 175 million US Dollars on a jatropha plantation project in South Cotabato over the next three years.
- EnviroPlasma and its local partner, Central Luzon Bioenergy Corp., will invest 300 million US Dollars on a sugar bioethanol plant in Clark, Pampanga capable of producing 500,000 liters of bioethanol daily.
- USD 1.521 million “tourism package” from Korea’s M Castle Corporation for the construction of a resort in Subic
- USD 500 million for various agricultural projects including 14.9 million US Dollars or 700 million pesos from KOICA for the expansion of the Molinao Dam in Bohol
- USD 515 for the construction of a hotel and golf course in Clark, Pampanga
- USD 6.52 million investment for new agricultural projects
- USD 49 million coconut project
- USD 290 million in annual production from Hanjin Philippines, Inc’s ship component production facility in Subic.
On the Russia trip, Fajardo said Russian President Dmitry Medvedev assured that the air pact between the Philippines and Russia will be signed soon by Moscow’s Ministry of Transportation to bolster Russian tourist visits to the Philippines.
