The Taiwan-based Xiang Lu Dragon Group plans to put up the largest economic zone and tallest building in the Philippines, director general of the Philippine Economic Zone Authority (PEZA), Charito Plaza, said.
During the Maritime Silk Road China-Philippines Business Opportunities Conference here, Plaza said the group is looking to develop a 3,000-hectare economic zone and construct an 85-storey building.
On the sidelines of the event, Plaza told reporters that the Xiang Lu Group aims to invest USD360 billion (PHP18.2 trillion) for the economic zone that will rise in Pangasinan and about PHP12 billion for an information technology (IT) building in Manila.
Plaza mentioned that the group, owned by Y.H. Chen, is the developer of the largest economic zone in Xiamen, China and owner of the second tallest building in Kaohsiung, Taiwan.
According to the investment promotion agency, the USD360 billion will cover the development of the economic zone and the investments of the locators.
Plaza said a petrochemical facility will be part of the first phase of the economic zone.
The Xiang Lu Group owns the Dragon Aromatics, a petrochemical business in China.
The PEZA chief added that the economic zone in Pangasinan, covering 10 cities and municipalities, will be a mixed-use facility as the company also targets to bring in cement, tourism, and other locators from various sectors.
Plaza said the company will hold discussions with the province’s mayors whose areas will be covered by the 3,000-hectare economic zone.
Moreover, she said, the group has already purchased the land beside Diamond Hotel in Roxas Blvd., Manila for the PHP12-billion IT building.
She added that the company is currently preparing for its application to PEZA.