Canadian firm earmarks P40B for Cebu projects

CEBU, Philippines - After it completes the P600 million Eco Center facility in Olango Island, foreign investor Tri-Globe Capitals of Canada vowed to pour more investments ranging from US$500 million to US$1 billion or P40 billion on several projects in Cebu, including infrastructure development in partnership with several local government units (LGUs).

Tri-Globe Capitals of Canada, which inked partnership with Filipino businessmen to form a Philippine-arm called Cebu Eco Center Inc., is committed to help the development of Cebu infrastructure, such as road, water solutions and power among others.

CEC president and chief executive officer (CEO) Marc Canton said that at least US$500 million to US$1 billion budget for investment will be made available for Cebu in the next few years, as the Canadian counterpart foresees the potential of Cebu becoming world’s tourism haven.

George Kirke, the company’s chief financial officer (CFO) said that upon exploring the Cebu province, he found out that there is a lot of potential here for investments.

Kirke specifically mentioned the potential development of renewable energy plant, via ocean turbine power.

He said the strong tide in the Philippines, and some areas in Cebu province, can be a good source of renewable power. This is one of the projects the company is looking at in the long term, in partnership with a local player, or a local government unit.

Also, the company expressed willingness to bring in sophisticated technology in water solution system, in order to provide ample supply of water especially on the neighboring islands that have huge tourism potential.

These several projects will be implemented by the company, in partnership with Private Corporation, or a government entity, “depends on the deal,” Kirke said.

At the meantime, while the company is completing its Eco Center facility on Olango Island, it is also on the look of potential partners for several projects in the province.

The Cebu Eco-Center Inc. (CEC) that will manage and operate a 50-room, 100-bed resort facility along with classrooms, a scuba diving center, a scuba diving center, electronic library, observation tower (for the bird sanctuary), restaurant bar, mangrove walkways, spa and wellness center, first-aid clinic, and a dock to receive small craft from other islands.

It is in this facility, that the Canadian company will showcase its expertise in sourcing renewable power supply either through wind or ocean turbine.

Also, Kirke said the company will also start a joint-effort program with the Olango local government, for “Pristine Cleaning” activity, to sustain the coastal cleanliness of the Island.

He mentioned that the garbage build-up is quite alarming, and that the company will seriously ink partnership with LGU to start the “Pristine Cleaning” program, “we are going to need strong political backing on this,” he stressed.