WITH METRO MANILA already on the verge of saturation, new and existing investments are seriously considering other areas that would suffice to what is required for their business ventures to grow.
For one, finding a suitable place for investments may not be difficult in a country that has 7,641 islands to choose from. However, there is no guarantee of social acceptability and local government conformity.
Taking the case of Northern Samar, the provincial government, ably led by Gov. Edwin Ongchuan, has an economic policy embarking on sustainability — agriculture, renewable energy, and local workforce, to name a few.
Notwithstanding strict adherence to its local economic policy, the provincial government managed to lure investors to infuse capital in Northern Samar, without compromising a line or two.
12 MAJOR INVESTMENTS
Like any other local government units, the province of Northern Samar finds the need to attract investors for revenue generation and employment opportunities for local residents.
Some time in February this year, the provincial government reported the entry of at least 12 major investments in 2024.
These are related to agriculture, fishery and renewable energy, with most of them moving on with their plans, says John Allen Berbon in his capacity as head of the provincial economic development and investment promotions office.
In the list of fresh investments are giant food firm TAO Corp., Sea Trace, Fisher Farms Inc., Digital Infrastructure Corp., Lihangin Wind Energy Corp., Copenhagen Infrastructure Partners, Energies Ph, Ocean Energy Pathway, Inyanga Marine Energy Corp., Gemini Wind Energy Corp. (subsidiary of Vena Energy), Vivant Corporation, and Stephen Chen and Co.
Interestingly, all these investments were facilitated by the Board of Investments (BOI)
AGRICULTURE-BASED
With its geographical contour deemed conducive for farming and fisheries, agri-based investments top Northern Samar’s list of preferred businesses which, incidentally, conforms with President Ferdinand Marcos Jr’s priorities.
First on the list of agriculture-based investments is food giant TAO Corp., which hinted at bringing in 100 percent hybrid rice production in the towns of Laoang, Catubig, and Mondragon after having verified the suitability of soil in the province for the cultivation of high-yielding varieties.
Sea Trace also signified its commitment to establishing an ice plant and tuna-buying station in Laoang town. Fisher Farms Inc., with a focus on aquaculture development, has already commenced operation in Gamay town.
The provincial government said that these business ventures may provide the potential for growth and investments in the local agriculture and aquaculture sectors, with a focus on the company’s contributions to sustainable farming and local economic development, according to Berbon.
RENEWABLE ENERGY
Likewise, pouring in investments are Digital Infrastructure Corp. (DIC) which will put up common towers in different areas, and Lihangin Wind Energy Corp. for a 206-megawatt wind energy project in San Isidro town.
In what appears to be another significant step towards expanding the country’s bid to shift to renewable energy, Copenhagen Infrastructure Partners is moving forward with plans to install its P108-billion investment embarking on offshore wind power projects.
Energies Ph. Inc. also hinted at harnessing wind to power up Northern Samar via its Tidal Energy Power Project in Capul and San Antonio towns. Also on the list are Ocean Energy Pathway and Inyanga Marine Energy Corp., both in Capul town.
Envision & Vivant’s for its part is bringing in 150 to 200 megawatts (MW) wind energy in Allen.
According to Berbon, these projects are expected to contribute to the country’s sustainability goals by harnessing wind energy while also creating economic opportunities and advancing green infrastructure.
MORE EXPANSIONS
In November last year, Gemini Wind Energy Corp., a subsidiary of Vena Energy, announced the P19-billion expansion of the San Isidro Wind Farm in Northern Samar.
The project will add 38 new wind turbines, each with an 8-MW capacity, complementing the existing 206-MW San Isidro Wind Project. The expansion, which is set to commence construction in December 2026, is expected to increase the region’s renewable energy capacity.
Last on the list is the investment of Stephen Chen and Co. to establish a coconut industrial park in Bobon town. Early this year, investors conducted a comprehensive assessment of potential locations across the province of Northern Samar in search of excellent sources of whole nuts.
According to Berbon, the provincial government’s collaboration with the BOI is expected to yield best results in Northern Samar’s quest to transform and be acknowledged as an environment-friendly investment destination.