Aboitiz sets P800M West Cebu Estate industrial expansion
(Photo courtesy of Aboitiz InfraCapital)
BALAMBAN, Cebu — Aboitiz InfraCapital, the infrastructure arm of the Aboitiz Group, is spending P800 million this year to bankroll the 39-hectare industrial expansion of the West Cebu Estate.
Rafael Fernandez de Mesa, President of Cebu Industrial Park Developers, Inc. and Head of Aboitiz InfraCapital Economic Estates, said the company will mobilize the budget to kick off the estate’s transformation into a critical economic hub in the region.
“Construction is ongoing. This year, we’ve earmarked about P800 million to develop this and we’re now in the process of pinpointing additional investment that we’ll be pouring in over the next few years to develop a commercial district, which will include the neighborhood commercial,” De Mesa said in an interview with reporters on Wednesday.
“We’re very excited about this ongoing expansion This will diversify our locator mix, which will now include light to medium manufacturing,“ he added.
The industrial expansion is part of the first phase of the planned expansion in West Cebu Estate. It is scheduled to be completed by next year.
The next phase includes the establishment of the so-called West Cebu Exchange — a commercial complex that will host food outlets, retail shops, basic services, a supermarket, and a transportation hub.
AboitizInfra eyes finishing the final phase of the expansion by 2025.
The expansion plans, according to the company, will also generate 16,000 new jobs on top of the current 14,000 work population in the area.
Formerly West Cebu Industrial Park, the West Cebu Estate, a 540-hectare mixed-use development, is a joint venture between the Aboitiz Group and Tsuneishi Holdings of Japan.
It is home to some of the world’s leading maritime companies such as Australia’s Austal Philippines. It also houses the 283-hectare Philippine Economic Zone Authority registered zone tagged as the “Shipbuilding Capital of the Philippines.”
The Aboitiz Group and its partners celebrated the 30th anniversary of West Cebu Estate on Wednesday, 25 May.
“As we go along our journey of becoming the Philippines’ first tech glomerate, we remain committed to expanding and transforming West Cebu Estate, and other economic estates, into future-ready, master-planned developments by leveraging on the synergies and capabilities with the bigger Aboitiz Group,” Cosette V. Canilao, Aboitiz InfraCapital President and Chief Executive Officer, said.
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