Thursday, October 18, 2007 Capitol to buy 25-ha. Naga economic zone
CAPITOL is venturing into real estate development by buying a 25-hectare property in the new city of Naga, southern Cebu and turning it into an economic zone.
The Cebu Provincial Government will also help Naga expand its port so it can accommodate bigger sea vessels.
The port will serve as a support facility to industries that will rise in the Capitol’s planned economic zone and the existing small and medium enterprise (SME) zone of the Naga City Government.
Garcia said in a press conference yesterday that the move is in line with her inaugural message to spread development into “more friendly territories.”
The Province is the largest single landowner in Cebu City. It recently tangled with the Cebu City Government over issues on several of its holdings.
The Capitol’s planned P1.2-billion commercial development with an international consortium, for example, was not given a business permit after the Province’s relationships with City Hall soured.
“We will invest in properties outside of Cebu City… We will help decongest Cebu City,” said Garcia yesterday.
The Naga project is the main reason for the increase from this year’s annual budget, which is P2.001 billion, to next year’s proposed P2.2 billion.
She said she will “make good her promise to bring development to the more hospitable environment of the countryside.”
After purchasing the land in Naga, the Capitol will register it with the Philippine Economic Zone Authority so it can avail itself of the benefits due a registered economic zone.
“We will be most aggressive now in our pursuit of developing economic enterprises. We will look for more investments with our resources to generate more revenues,” she said.
As for the port in Naga, aside from making a promise to expand it during the funeral of the late mayor Ferdinand Chiong, Garcia said with this will be a vital facility “to dovetail” the requirements of a port nearer to the SME zone.
As head of the Regional Development Council, Garcia said she will also fast-track discussions on the planned international port in Liloan by meeting with the Cebu Port Authority this week. (JPM)
