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Investment Forum Generates Over PHP1 Billion In Pledges For Iloilo City

Investment Forum Generates Over PHP1 Billion In Pledges For Iloilo City

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This city has received over PHP1 billion worth of committed investments from the recent business forum coordinated by the Iloilo Economic Development Foundation (ILEDF), in partnership with the Metro Iloilo-Guimaras Economic Development Council (MIGEDC).

Mayor Jerry Treñas said the forum held in a hotel in Pasay City on Nov. 20 had huge gains, with Ilonggo homegrown firm La Filipina Uygongco Group of Companies as among the committed investors.

“For only one investment, the La Filipina Uygongco is PHP1 billion. They will establish a feed mill in Barangay Ingore,” he said in an interview on Tuesday.

The SMX Convention Center is interested in putting up a convention center, while Rockwell Land Corporation targets mixed-use development.

Treñas said he encouraged investments like the proposed convention center because of an increasing interest in the gathering of various professional groups, which huge numbers of members could no longer be accommodated due to the limited capacity of the Iloilo Convention Center.

“I was told the convention center is fully booked already (un)til the next several months. We need another venue,” he said.

Rockwell will try to catch up because it already missed out on the development in the city.

Treñas said another investment coming in is the development of the Iloilo Port Complex in Loboc, Lapuz district, with the Philippine Ports Authority (PPA) agreeing to bid out the terms and reference.

He said once the International Container Terminal Services Inc. (ICTSI) comes in, there will be direct shipments from abroad, which means faster transfer and lesser fees for imports of products like construction materials, rice and other agriculture products because they do not have to pass by Manila and Cebu ports.

On its website, the ICTSI said it has submitted a letter of intent to the PPA to modernize the infrastructure and superstructure of the Iloilo port complex and the Dumangas port in the town of Dumangas and “eventually manage the two ports.”

“I think, we are moving on the right track,” Treñas said.

The investment forum aimed to invite investors to look into the growing economies of areas covered by the MIGEDC members, including the towns of Leganes, Pavia, Sta. Barbara, Cabatuan, Oton and San Miguel, and the province of Guimaras.

It initially targeted to bring home around PHP500 million in investments.

MIGEDC is an inter-local government cooperation initiative established in 2006 to promote private sector-led and market-driven growth, while ILEDF is the umbrella organization of various business groups in Iloilo. (PNA)