P4.5B earmarked for rehab of Masinloc port facility

04/29/2008

Rizhao Development Corp., a team-up between Filipino and Chinese firms, have proposed to spend P4.5 billion for the rehabilitation and modernizaton of a port facility in Masinloc, Zambales to service mining-related activities in the nearby areas.

The planned activities were approved by the Board of Investments (BoI) to avail of fiscal incentives including income tax holiday (ITH). Prior to its registration for tax breaks, the BoI has required the firm to also allow the government to use the port facility.

Bulk of the total amount will be spent for the acquisition of the raw land within the port area, while the remaining amount was set aside for the modernization of an existing sea port in Masinloc.

The project involves the construction of seven berths or the docking areas consisting of three mixed berths of 5,000 capacity for mix cargo export and four cargo berths of 3,000 to 5,000 metric ton capacity.

The firm intends to devote the port facility to serve the mining industry particularly exporters of ore products. The province used to be active in mining explorations. Once developed, the port facility could be tapped to transport Philippine gravel and sand to Taiwan.

Zambales carries a number of mining deposits such as chromite and nickle. Once operational, the firm will open the facility for old and new mining companies. The project is expected to create 714 jobs. It is set to open for commercial use by July next year. Rizhao is 40 percent Chinese represented by John Don Daily. Ayen Infante

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