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RIZHAO Development Corp. has bagged tax incentives
and other perks from the Board of Investments (BOI) for its
rehabilitation project in the province of Zambales.
In its application for fiscal
incentives, the port operator, which is controlled by John Don
Daily, said it will invest P4.5 billion for the rehabilitation of
the existing Masinloc Port, which halted operations years ago.
The project will involve the
construction of state-of-the-art port structures, acquisition of
container terminal equipment and raw land. Moreover, the firm said
that it also intends to reclaim 2.4 hectares of foreshore area.
The planned rehabilitation will
involve the development of seven berths, each of which has a
capacity of 5,000 metric tons. Four of the berths will be for
mix-cargo exports, while the remaining four will be used to handle
ore shipments.
Rizhao expects a boom in mining
at the area for ore and sand gravel, so the rehabilitation will
enable the Masinloc Port to accommodate high volume and raw mineral
products.
Though the company will operate
as a private port, it is also obliged to open the facility for
public use, the BOI said.
The company said the
rehabilitation project will generate 740 job opportunities and will
start commercial operation in July next year.
The Masinloc wharf was the
jump-off point of Zambales and nearby provinces for its chromite,
copper, nickel and ore minerals exports.
--Katrina Mennen
A. Valdez
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