A new investor in Aurora Pacific Economic Zone and Freeport Authority (APECO) would provide livelihood opportunities for fisherfolk in the province’s Casiguran town by sourcing marine products from them for its cold storage and food processing operation.

APECO President and Chief Executive Officer (CEO) Gil Taway and TGV Development Corp. (TGVDC) president and CEO Rene Tayag signed in Taguig City on Tuesday the investment and lease agreement for the company’s PHP40 million investments for a cold storage and food processing facilities in Casiguran ecozone.

Tayag said the facility, occupying half a hectare in APECO, can process 20 tons of ice tubes and 1 ton of marine products a day.

He said TGVDC would include local fisherfolk in the supply chain by purchasing their fresh catch at a premium to entice fisherfolk to deliver their marine and aquaculture products, such as milkfish, tuna, blue marlin and other species, straight to the company’s plant.

Tayag said part of the cold storage and food processing plant’s capacity will augment the needs of its distribution facility in Clark, Pampanga.

It will also cater to the local demand, including from Central Sierra Hotel Resorts Inc. (CSHRI), which is also led by Tayag and will be investing in APECO.

Tayag said CSHRI is also investing PHP145 million inside APECO to develop luxury accommodation facilities within a 1.5-hectare parcel of land inside the ecozone. The lease and investment agreement was also signed Tuesday.

This brings the total investments of TGVDC and CSHRI in APECO to PHP185 million.

Both projects have a lease term of 25 years and renewable for another 25 years.

Tayag said the Development Bank of the Philippines and the Philippine Guarantee Corp. will be financing both projects.

The cold storage, food processing, and tourism facilities will start construction of the projects next month, with commercial operations being eyed early next year.

“These (projects) will be catalyst of economic development in the area,” Tayag added. (PNA)