Department of Foreign Affairs (DFA) Secretary Alan Peter Cayetano witnessed a signing ceremony of the Letters of Intent (LOI) held at the Three International Towers in Barangaroo, Sydney, Australia.
The Letters of Intent (LOI) came from different Australian business groups that are interested to invest in the Philippines. One of these is the declaration of the Fleet Logic Group to establish a company and open an assembly plant in the Philippines.
Undertaking their work closely with the Philippine Economic Zone Authority (PEZA), Fleet Logic intends to position and examine the Global Positioning System (GPS) tracker devices in the Philippines for export to Australia, Canada, Italy, Brazil, and some countries in the Association of Southeast Asian Nations (ASEAN).
Another LOI signed was among the First Pacific Capital Fund Management (FPCFM), Solid Energy Technology, and Kingstone Trading and Metal Fabrication (KTMF). The document indicated the intention of FPCFM and Solid Energy Technology to erect a US$10 million biomass power plant inside the Cagayan Economic Zone (CEZ), which will produce charcoal and electricity. KTMF will take charge of the selling and distribution of the charcoal produced by the plant.
The third investment pertained to the plans of JBC Ventures to construct a hotel and residences building in Mactan Island, Cebu. The establishment is a joint venture with their Filipino business partners that will be named Trend International Ocean Tower. Estimated to generate 100 permanent local jobs under a US$30 million budget, the project will be a 25-storey building with a hotel and ten floors of condominium units.
Present during the event were Department of Trade and Industry (DTI) Secretary Ramon Lopez and Presidential Consultant for Entrepreneurship and Go Negosyo Founder, Jose Ma. ‘Joey’ Concepcion III.
Republished from PBS-Radio TV Malacañang