Multi-billion-dollar Investment Set for Review

Department Heads of key offices in the Provincial Government in a recent meeting with CEO Asllan Jaku of Pionaire Finance Limited.

DAVAO ORIENTAL – The implementation of the 24-billion-dollar Marina and Industrial Park, which is being eyed to be established in Banaybanay town in this province, will likely have to wait as the Provincial Government wants to further evaluate and study the proposed project before fully engaging on the big-ticket deal.

The heads of key offices of the province, during a recent meeting with CEO Asllan Jaku of Pionaire Finance Limited – the lead company for the said investment, have initially agreed to require the company to submit the master plan for the proposed project.

“From there, we will be defining the roles, the partnership, the obligations, and the responsibilities of all stakeholders,” said Provincial Planning and Development Coordinator Freddie C. Bendulo, saying the province has to carefully evaluate its course of actions as it is still in the process of “knowing what it is getting in to and how much funds it is going to shell out”.

He said that the Provincial Government wants to get a clearer picture of the investment as well as the partnership. “We want to thoroughly understand the entire business first. The idea is that they have to prove to us that they have the legal, technical and financial capacity,” he added, stressing that this is only a security measure of the provincial government as a stakeholder.

While the Provincial Government, under the leadership of Governor Nelson L. Dayanghirng, has not closed its doors for the prospect investment as it is seriously looking for possible investors that would greatly benefit the province in terms of economic activities and income-generating prospects, its leaders have agreed that they have to delay the signing of the memorandum of understanding until further studies have been conducted especially on the environmental impacts of the planned industrial park.

Strongly pushing for the project’s realization, Jaku agreed to the Provincial Government’s proposition. He said his company is ready to provide to the Provincial Government the necessary documents the soonest time possible.

Hoping to break the ground for the project in March next year, Jaku is urging the Provincial Government’s nod and support. “We are not placing so many burdens on you in terms of the financial side because everything else will be done by us, including the feasibility study,” he told the heads of the province’s key departments, noting that what they only require from the Provincial Government is its assistance in securing local licenses which include business permits and Environmental Compliance Certificate (ECC), among other local requirements. The investors also ask from the provincial government the acquisition of the land where the mega-infrastructures and facilities for the envisioned project will be built.

Mr. Asllan Jaku, CEO of Pionaire Finance Limited

The Pionaire Finance Limited, a Hongkong-based company, together with its partner Shenzen Energy Group Co., Ltd., based in China, intends to finance, study, and develop a marina and industrial park in a 1,000-hectare proposed Economic Free Trade Zone at Barangay Maputi in Banaybanay town.

The big-ticket marina and industrial park will be composed of 1200 megawatt gas-steam combined cycle power plant and Liquefied Natural Gas-Fired Power Plant; oil refinery; petrochemical complex; storage facility, and associated terminal; and import and export LPG storage and terminal.

According to Jaku, the province will get a 7 percent share of the industry’s $2 billion projected profits. This huge income, he said, would mean great economic benefits for the people of the province for the next 30-40 years.

Aside from the income generation, other benefits being touted that the province would get from the investment include the opening of job opportunities for the locals.

“With your help, we will be able to push through with this project. I believe this going to be successful as we are looking for long-term development,” said Jaku. By Karen Lou Deloso

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