10 July 2017

Japanese firm to build $300-M shipbuilding facility in Negros

A JAPANESE company will start constructing a $300-million shipbuilding facility in Hinobaan, Negros Occidental next year in what will become the Southern Negros Industrial Estate (SNIE), Governor Alfredo G. Marañon, Jr. said. An agreement was signed in October last year by Mr. Marañon and executives of Tsuneishi Heavy Industries, which will set up a ship recycling and reuse facility. The governor has already requested the provincial board to approve an ordinance establishing the SNIE on the lots to be expropriated -- covering an estimated 285 hectares -- and the creation of an office to manage and supervise the industrial estate. The Negros Occidental provincial government is expropriating the property of the defunct Insular Lumber Company (ILCO) and several other private lots in Hinobaan. PB Member Salvador G. Escalante, chairperson of the committee on finance and appropriations, said the lease contract of the provincial property by ILCO already expired and the company also failed to settle its taxes. With ILCO no longer existing, Mr. Escalante said the provincial government now owns the property, but expropriation proceedings are still needed to safeguard the investment. The board committee on laws will hold a hearing this week to discuss the proposed creation of the SNIE.

Source: business world. 10 July 2017

No comments: