CEBU, Philippines - Chinese businessmen have expressed interest to pour in big-ticket investments into Cebu Province, according to Governor Hilario Davide III.
Davide said a group of Chinese entrepreneurs visited him last week and asked to know about impending projects that they can undertake and help finance.
"China really showed interest to invest in Cebu," he said.
Davide said they told the investors about the Cebu Trans-axial Development Project of the provincial government.
"Nangita sila'g projects nga dagko na giplanohan sa province. So we told them na we have the trans-axial project," he said.
He said the trans-axial highway aims to attract investors with the expansion of the development of economic zones, wind power plants and solar plants.
The proposed construction of the trans-axial highway is among the priority projects of Davide's administration.
A project summary of the trans-axial highway was presented to the businessmen by Edgar Sibonga, trans-axial technical working committee chairman, after their meeting with Davide.
The project cost was estimated at P46.31 billion in 2007 but this increased to P93.72 billion in 2014.
The trans-axial highway project is a 280-kilometer road that connects the northern and southern tips of Cebu. Starting from Daanbantayan town in the north, its path will traverse Cebu's mountains down to Santander in the south.
The project has several proposed components, including reclamation areas, economic zones, seaports, water systems, and housing and commercial centers.
Also among the proposed components are windmills and hydro and solar power generation plants in remote areas of Tuburan and Argao.
The highway was first proposed during the term of former governor Emilio Osmeña and was later championed by the late vice governor Gregorio Sanchez Jr.
A Malaysian company earlier offered to undertake the project under a public-private partnership scheme.
The engineering company YEC International is also willing to build the proposed 520MW solar power worth approximately P40.1 billion through PPP.
Years ago, investors like Quantum International, United Engineers of Malaysia, the Iranian government, Dubai World, a Chinese company and a Singaporean company also expressed interest to put up the project. However, it did not materialize.
The Cebu provincial government already endorsed the proposed trans-axial development project to the National Economic and Development Authority-7 for funding. (FREEMAN)