US firm to invest $50 billion in RP project

MANILA, Philippines - US-based Swiss Global Connect USA will invest $50 billion to develop priority projects in tourism, real estate development, infrastructure, agricultural research, indigenous power supply and mineral enhancements in Zambales.

Zambales Governor Amor Deloso has signed in behalf of the provincial government a Memorandum of Agreement (MOA) with Swiss Global Connect USA in partnership with AIPAC Philippines Management Corp.

“An initial $50 billion will be earmarked over a 10-year period to fund the province’s development projects in tourism that include the San Salvador Island, Masinloc Resort Complex, Mt. Tapulao Palauig Tourism Complex and the Zambales Fantasy Island in Subic,” Deloso said.

Deloso noted that the projects will also cover the contruction of a toll bypass expressway linking Tarlac and Zambales and providing access to the North Luzon Expressway (NLEX) and the Subic-Clark-Tarlac Expressway (SCTEX). It will also include the upgrading and rehabilitation of the Iba Airstrip for domestic flights.

“A 620-hectare real estate development in the town of Subic will transformed into a financial district, educational and learning center, with executive housing, parks, hotels, convention center and state of the art hospital,” Deloso said.

This, amid plans to also establish a state-of-the-art agricultural research center in a tie-up with the Ramon Magsaysay Memorial State University (RMMSU) for research and development, Deloso said.

Deloso also said that the MOA allocates a “64-hectare shoreline area for the construction of a facility converting magnesium energy into alternative power supply.”

“Mineral exploration consistent with full compliance of environmental policies and the dredging of Macolcol, Maloma and Bucao rivers to prevent flash flooding in nearby communities will also be done,” he added.

Deloso said that the various projects will be under either the build, operate and transfer (BOT) or the build, operate and own (BOO) programs of the national and provincial government.

The Swiss Global Connect USA and AIPAC Philippines Management Corporation are headed by their president and chief executive officer Rubina Zahid. Their mother company in the US is a partnership of Russian, Japanese and American businessmen and is listed as a corporation in California.

In her speech after the MOA signing, Zahid cited Zambales’ natural beauty and topography as the top reasons why her company chose the province for its huge investments.