The investment’s forum spearheaded by the City Government of Puerto Princesa and assisted by the United States Agency for International Development (USAID) held in Metro Manila yesterday brought a total of P27 billion worth of pledged investments from different companies and investors.
“This forum was a great success! A total of P 27.55 Billion investment pledge for Puerto Princesa was generated,” the Local Economic and Investment Promotion Office said in a statement.
SM Prime Holdings yesterday announced that it will invest P10 billion for integrated resort development in the west coast of Puerto Princesa City.
This will rise in its 1,200-hectare beachfront property located in Barangay Napsan, Bagong Bayan, Simpocan, Bacungan, and Sabang.
SM said that it started acquiring property in the city last 2006. Last year, the Sangguniang Panlungsod declared some 1,200 hectares of agricultural land in the west coast to pave way for this development.
They said that currently, the beach destination in the city are mostly in the eastern seaboard, more specifically in Honda Bay.
SM said that this will complement the city’s beach destination and is expected to spur new development in the western part. It said that the new attraction will definitely make tourists and visitors choose to stay longer in Puerto Princesa.
Green Asia Unlimited Development Corporation on the other hand announced that it will invest P10 billion for the Modernized Agro-Farm and Realty Development Complex in Barangay Sta. Cruz.
Jennifer dela Cruz, operations head of VistaLand, said that they are now working for the construction of two developments in Sicsican and Bancao-Bancao for their two midrise condominums.
“We will invest P 2.75 Billion in the next three to five years,” she said.
Astoria Palawan also announced that it will expand and pour in P725 million of investment, while Princesa Garden Island Resort and Spa said that it will invest P500 million. The Elizabeth Residences allocated some P200 million worth of development in the city.
Ace Medical Center also pledged to pour investment worth P1 billion for the 300-bed hospital in the city. The Adventist Hospital Palawan, on the other hand, will expand its operations and allocated some P600 million for the purpose.
YIBU Education Teachnology Company Ltd. will invest some P700 million.
Other companies that pledged were Puerto Princesa Memorial Park with its proposed P50 million development, Samgyupsalamat who will invest some P15 million for its business, and Oma I Dang Maria who pledged P10 million worth of projects in their site in Bancao-Bancao.