AURORA – The South Korean government has extended some P79.2 million of grants to the Aurora Pacific Economic Zone (Apeco) to bankroll the feasibility studies for three major projects inside the ecozone.
The grant, which was coursed through the Korean Export-Import Bank, will be used to finance studies for water system, hydroelectric power and waste management systems inside the ecozone, said Apeco President and Chief Executive Officer Robbie Mathay.
Mathay said the grant not only manifests the South Korean government’s willingness to help the Philippines but also because Korea is the fifth largest trade partner of the country and but also it sees “confidence in the economic prospects and opportunities in Apeco.”
He stressed that the Korean government has been very supportive of efforts to develop Apeco. Early this year, South Korea funded a feasibility study through a P15-million grant from the Korean Economic Development Cooperation Fund for the construction of a P2.4-billion international container seaport.
It aims to transform the Aurora Economic Zone into a logistics hub for exportation of agro-fishery, timber and industrial products in Central Luzon and Northern Luzon.
Mathay said the seaport project is now awaiting approval of the National Economic Development Authority for funding under the Official Development Assistance of the Korean government with counterpart funding from the national government.
A consortium composed of the Dasan Engineering and DY Engineering companies completed the feasibility study for the international container seaport after three months.
He said the proposed modern container port, which is projected to be finished in four years, will complement the domestic seaport and will attract business locators, thus, spurring economic development not only in Central Luzon but also in Cagayan Valley. “This is through the export products of five provinces in Northern Luzon.”
He added that the Korean government has also expressed interest in constructing an all-weather road in the remaining unpaved portion of the 120-kilometer Baler-Casiguran Road.
Kent Avestruz, Apeco manager for corporate planning, said there is now an increasing involvement of the Korean government in the country which has clearly spilled over to Aurora.
He also cited the construction a few years back of a P130-million grant-in aid-funded rice processing complex in Barangay Reserva through the Korean International Cooperation Agency (KOICA).
Only last week, President Aquino met with visiting Korean President Lee Myung-bak where they signed five agreements that will further enhance their bilateral relations on trade, agriculture, labor, power and development assistance or foreign aid.
Avestruz noted that Korean grant aid in the country is at its largest in 2011, with KOICA providing P1 billion for development programs in its priority sectors in agriculture, infrastructure, health and climate change.
Since its inception in 1991, KOICA has infused P4.4 billion in grant assistance to the country.
