...the surf capital

Incoming investments seen to propel Surigao economy

MB – Thu, Mar 17, 2011

SURIGAO CITY, Philippines - The effort of the eight-month-old governance of the local officials to make this city develop its economy and ultimately make it more globally competitive has started to bear fruit following the expected opening of various businesses here.

City Mayor Ernesto T. Matugas said the opening of notable foreign and domestic businesses here will also generate more tax revenues and provide employment opportunities.

He cited the Koreans and Malaysians who will establish sustainable fishing and fish processing, fish marketing and distribution, and aquaculture operations with ecological limits here.

The Republic of Korea through KOICA will establish a 10-hectare "Integrated Fishery Resources and Facility Complex" here that will serve as a collection port for fish and marine products for the whole province of Surigao del Norte, and other provinces of the Caraga Region, said Matugas.

The cost of this big project is expected to reach P300 million, a huge portion of which will be a grant assistance from the Republic of Korea.

While the city government here will shoulder the land acquisition cost amounting to P5 million, he said.

The Malaysian Business Group who met with the city mayor and other local officials at the City Hall last weekend also expressed their desire to the local officials to help in the improvement of the city's economic development by establishing several businesses.