The local government of Puerto Princesa presented to potential investors and interested businessmen the growth opportunities the city has to offer in an investment briefing at Conrad Manila.
The event brought in business leaders who shared insights on their operations in Puerto Princesa and why the city is an ideal market for investors.
Vivian Ng, chief operating officer of Astoria Hotels and Resorts, lauded the LGU for its robust infrastructure development which would support future growth and regulatory improvements that were being set into place.
“These made Puerto Princesa more attractive to residents and investors,” she said.
Ng also detailed the operational challenges faced by her hotel, Astoria Palawan, amid the COVID-19 pandemic restrictions and Typhoon Odette.
Despite the recent setbacks her company faced, Astoria Palawan continues to be aggressive in investing in the city.
“To date, Astoria Palawan has invested P1.5 billion in Puerto Princesa,” Ng said, highlighting the group’s plans to spend an additional P500 million to build a new building in their resort. “That brings our total investments to P2 billion.”
Noel Cariño, chairman of the Cariño Development and Management Corp. and national president of the Chamber of Real Estate and Builders’ Associations Inc. also noted the exciting investment opportunities in Puerto Princesa.
He said that in deciding which markets to invest in, businessmen should consider various factors to guarantee a return on capital. Such factors include a place’s geographic location that must be conducive to economic growth and the availability of a labor force with excellent work ethic.
“Puerto Princesa is at the top of the list,” Cariño said.
He said his company established its presence in the Puerto Princesa market. CDMC built condominiums such as Crown Residences and Harbour Spring Towers, a resort in Harbour Spring Resort and Spa and Harbour Springs Commercial Complex.
He believes the city is the best representative for environmental tourism and sustainable land development.
Puerto Princesa City Mayor Lucilo Bayron said the city has competitive advantages including connectivity to regional and international travel; stable peace and order situation; tax incentives for investments in sectors such as business process outsourcing, tourism, renewable energy, and agri-fishery; and vast tracts of land that can be developed for commercial purposes—something which other cities do not have.
He also highlighted the projects that the LGU is pursuing to stimulate economic growth in the city. These include Sta. Lucia Environmental Estate, a 1072-hectare planned mixed-used town development; Puerto
Princesa City Integrated Fish Port, which will position the city as a major supplier of premium and high-quality marine and fishery products for domestic and international markets; Cuyito Bayfront, a 9.9-hectare lifestyle urban destination that will cater to the cruise market and the MICE market with an international convention center; and CBD Business Park and City Baywalk with a marina that can accommodate boats and yachts as well as a DPWH-funded viaduct that will connect the baywalk and poblacion to strategic locations across the bay.
“Today, we ask you to join us by investing in Puerto Princesa and bringing Puerto Princesa to greater heights to achieve sustainable, inclusive growth,” Bayron said.
Puerto Princesa vice mayor Nancy Socrates expressed gratitude to the LGU’s various partners—such as the Board of Investments—and echoed the Mayor’s remarks for investors to be proactive participants in the city’s growth story.