Officials of Aurora Pacific Economic Zone and Freeport Authority (APECO) are hopeful that the ongoing rehabilitation in the 12,734-hectare property in Casiguran will encourage the government to release about P2 billion to P3 billion of the Freeport's unreleased capitalization by 2027.

Of the economic zone’s P10 billion capitalization, it has so far received P1.4 billion since it was established in 2007 through Republic Act (RA) 9490, APECO President and Chief Executive Officer lawyer Gil Taway IV told journalists Friday.

Upon his assumption to lead the economic zone in 2023, Taway said there are about P800 million worth of abandoned projects.

Most of these projects have undergone phased rehabilitation and among those that have been completed are the first phase of the P60-million central water supply and reservoir (CWSR), phase 1 of the P28-million sewage treatment plant, and the P12-million fire station.

Those that are still undergoing rehabilitation include phases 1 and 2 of the underground power distribution line, phase 2 of the CWSR, and the acquisition of fire trucks and ambulances.

In 2024, APECO received around P256 million budget while the amount for this year is around P262 million.

These have been utilized to rehabilitate its materials recovery facility, the six villas and a residential building, and the super health centers, with the latter two seen to provide revenues once operational as early as the last quarter of this year.

Taway said they will include in their budget proposal for 2027 a request for further increase in capital disbursements.

He said they are firm in rehabilitating their facilities to improve their absorptive capacity and prove to the government their ability to maximize their budget.

“We are confident that we can convince the national government and (the) Congress to give that amount because of our good governance initiatives.” 

APECO PHOTO