THE Aboitiz Group is increasing its investment in its West Cebu Industrial Park (WCIP) development in Balamban, Cebu as it looks to ride on the growing demand for industrial spaces in the region.
In a statement on Tuesday, Aboitiz said it is looking to add 30 hectares to its WCIP development over the next three years, which would allow more spaces for industrial, commercial, transport and leisure elements.
WCIP is a project by Cebu Industrial Park Developers, Inc. (CIPDI), a joint venture between the Aboitiz Group and the Tsuneishi Group of Japan.
“Our vision is to transform WCIP into a fully integrated economic center that will spur further economic growth in the area, similar to our two developments (in Batangas and Lapu-Lapu City, Cebu),” Rafael Fernandez De Mesa, first vice-president for operations of the Aboitiz Integrated Economic Centers, said in the statement.
“With its strategic location, skilled population, lower cost of doing business, and well-established ecosystem of infrastructure, we believe that WCIP is the ideal location for light, medium, and heavy industries looking to expand or locate in Cebu,” he added.
WCIP currently covers 540 hectares of mixed-use land, of which 283 hectares are registered as a Philippine Economic Zone Authority (PEZA) zone. Some 11 locators are currently based in the development, and CIPDI continues to invite more in past months, particularly global shipbuilding firms.
The company said there are limited PEZA zones available in Cebu’s inventory, that’s why WCIP was able to attract shipbuilding firm Advanced Catamaran Composites to locate in the development. It aims to start operations in WCIP by the first quarter of 2021.
“We are excited to have Advanced Catamaran Composites as our newest locator in WCIP. With our 30-hectare expansion set to break ground next year, we are hoping to attract more locators to Balamban,” said Eduardo Aboitiz, vice-president for business development of the Aboitiz Integrated Economic Centers.
The listed holding firm of the Aboitiz Group, Aboitiz Equity Ventures, Inc., posted a 55% income decline to P4 billion during the first semester. Its shares at the stock exchange closed at P43.80 apiece on Tuesday, down 75 centavos or 1.68% from the last session. — Denise A. Valdez
