TWO American companies are eying to invest an estimated $4.1 billion in the country, Philippine Economic Zone Authority (PEZA) Director General Charito Plaza said on Tuesday.
“There is one investor from US on offshore and onshore oil and gas . . . the OS Petro, They will invest $4 billion for petrochem refinery . . . They need 10 blocks. So, that’s $400 million per block,” Plaza told reporters during the 22nd PEZA Anniversary and Investors’ Recognition Night late Tuesday.
OS Petro is an oil and gas exploration and production company with corporate offices in the US and Africa.
Plaza said the other one is PayOdd, which intends to commit $10 million in initial investment.
PayOdd is an electronic wallet services company that caters to clients, with or without a bank account. The company manages and controls funds so that clients can use the money however they want to, while complying with all international banking regulations, including anti-money laundering and fraud verification.
Representatives of OS Petro are coming to the country in July to look for the right area, Plaza noted, saying the ideal for the company is an island. “So, we’re looking for islands that are offered by private land owners.”
PEZA will have the first Global Economic Zone Summit in October, Plaza noted.