Senatorial candidate Luis “Manong Chavit” Singson is eyeing to have an economic zone for every province.
During a press conference held last 30 December 2024, Manong Chavit stated that he aims to create economic zones in every province in the country once elected into office. This, he said, would create more jobs and ensure that highly skilled Filipino workers would stay on their country to boost the economy.
Aside from creating jobs, the creation of economic zones would entice more foreign companies to invest in the Philippines, increasing the number of Foreign Direct Investments here.
The former Ilocos Sur governor stated that in order for the country to achieve economic growth, industrialization is needed. Manong Chavit, who is also the chairman of the LCS Group of Companies, owns two economic zones in South Korea and has been at the Philippines’ forefront in local companies operating in foreign soil.
The former Narvacan mayor said that the K-Beauty Industrial Complex he owns in South Korea will serve as a hub for research, production, and trade in beauty and aesthetic products, aligning with South Korea’s advanced cosmetics industry.
His company, the LCS Group of Companies, has committed $100- million investment in a residential, commercial and resort development project on South Korea’s eastern coast. He added that the Mangsang District 1 development project in the East Coast Free Economic Zone will be the first of its kind project in Korea.
LCS Group focuses on property developments in the Philippines, but also works on other sectors such as mining, transportation, defense, logistics and telecommunication towers.
He said that the value of the LCS Group real estates across the Southeast Asian country including Manila mounts to about 2 trillion won ($1.7 billion), while its gold mines are estimated at around 2.5 trillion won.
With additional report: The Daily Tribune, Jonas Reyes
