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New investment seen to boost Surigao City

Economic activity is expected to boom further in this fast-growing city in the Caraga Region after a Malaysian business group is eyeing to pour a P5-billion investment here probably within the year.

It was learned that this Malaysian business group is on its way to construct oil, gas, and petroleum-related products, facilities, infrastructures and services on the two island villages of Talisay and Nonoc, this city.

The Malaysian business group is also set to conduct exploration on mineral and natural energy resources, transportation sales, marketing and export activities, agriculture development and promotion, fishing ventures, cannery and related development and promotions, infrastructure construction, tourism development and promotion, including consultancy and related professional services.

These multi-billion-peso investments that will anytime be visible this year after the city government here represented by City Mayor Ernesto T. Matugas and the Malaysian business group signed a Memorandum of Understanding (MoU) recently.

Aside from Matugas, other signatories in the MoU are Wong Siong Chew of Jin Long Group, Tan Chee Keang of Asiarem Group, Kho Tho Min of Lina Enterprise, and Roy Odinaryo B. Delos Reyes of Zam-Mal International Group.

The group dubbed “Strategic Alliance,” is intending to establish a new investment holdings (NIH) called New Surigao International Resources Philippines Corporation (NSIRPC).

Under the MoU, the NSIRPC will establish its business presence compliance with International Standard and Requirements and inject further investment capital required in stages in connection with the expansion plan.

The MoU also stipulates that the NSIRPC will abide and promote the international health, safety, and environment policies in compliance within the law of the country.

Also in the MoU, the city government will extend assistance by help in producing data, legal, and other business requirements that are needed by the NSIRPC.

“This is really a big boost to our economy, a big plus factor in terms of taxes and revenues, and most especially added livelihood and food production and employment in our city and neighboring areas,” said Matugas.

He said his effort in looking for more investments is now “materializing.”

Meanwhile, Matugas said more investments are expected to come in as he keeps on making contacts to possible investors – both foreign and domestic.

He said investors of the Nonoc Mining on Nonoc Island is already on its way in materializing and finalizing legal and business documents for its resumption of operation.

On the other hand, the tuna firm that is set to rise in this city is already in the final stage of its documentation process and also on its way for operation within this year. (MUC/MB)

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