Korean investors rushing to invest in Pangasinan

June 20, 2010 11:02 pm 

By Leonardo V. Micua

SAN CARLOS CITY, Pangasinan, June 20 — Shortly after the May 10 national and local elections, South Korean investors have been rushing to come to the province of Pangasinan to put up their multi-million-dollar investments.

Leading the investors is the Korean government itself which has offered to extend US$ 50 million loan to the province which it can use in building a modern medical center.

Governor Amado Espino Jr. said that some members of the parliament of Korea will come to Pangasinan shortly to talk to him and other officials about the loan offer.

Espino led some Pangasinan officials who were invited to visit Korea after the elections. It was during such visit that he received commitments of some companies to invest in the province.

He said the Korean visitors due to arrive will bring along some contractors to discuss with them about the building of a modern medical center, possibly to be situated in Sta. Barbara town.

Keen on getting the loan, Espino said the provincial government is now preparing all the needed documents for review and approval by the National Economic and Development Authority (NEDA).

The governor is optimistic that this will be approved by NEDA because the US$ 50-million loan only carries an interest of 0.1 percent per annum, or almost a grant, with a 10 year-grace period.

Espino said a NEDA approval is necessary because the lender will need some guarantee from the national government.

This is hopefully the second Korean government project in Pangasinan. The first is a financial grant equivalent to P200 million which is now being used to build a modern rice processing complex in Sta. Barbara. The project is now 50 percent complete.

Espino, who celebrated his birthday on Sunday by visiting patients of the Pangasinan Provincial Hospital in San Carlos City, said another private sector investment from Korea includes a retirement village.

This project, he said, is projected to be situated in the province’s 250-hectare eco-tourism zone in Lingayen facing the Lingayen Gulf.

At the same time, he said the provincial government already approved a proposal of another group of Korean investors to construct some low-cost houses in the province, especially in Lingayen and Binmaley.

A report said that another group of Korean investors is interested to build a factory that will manufacture electric cars for export abroad. (PNA) scs/Lvm/lvmicua/rma


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