Filipino Investment Giant Eyes PNG’s Mining, Rice, and Property Sectors
A major Filipino business conglomerate has signalled strong intentions to launch significant investments in Papua New Guinea (PNG), with plans including a 10,000-hectare mechanized rice farm, property ventures at Paga Hill, and expansion into mining and manufacturing.
According to International Trade and Investment Minister Richard Maru, the company – Century Peak Holdings Limited Corporation – is ready to commence the rice farming project at Brown River in Central Province, but has been delayed by land title issues.
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| Filipino Investment Giant Eyes PNG’s Mining, Rice, and Property Sectors |
The company executives, who visited PNG this week, met with Minister Maru and the Mineral Resources Authority’s Managing Director, Jerry Garry, to discuss investment opportunities in mining and other key sectors.
Minister Maru confirmed that Century Peak Holdings is working closely with landowners and the Department of Lands and Physical Planning to acquire state titles over the land needed for the rice project, which is expected to become PNG’s first large-scale commercial rice development.
Maru revealed he had contacted Deputy Prime Minister and Lands Minister Hon. John Rosso to assist in resolving land delays before the proposed project start date of September 16, adding that the initiative will be known as the Central Rice Special Economic Zone.
Century Peak Holdings, which operates a nickel mine in the Philippines, has five subsidiaries including Century Peak Mineral Development Corporation and Century Peak Cement Manufacturing Corporation. They have already established a PNG office and registered their presence.
The company’s visit and interest mark a promising boost to PNG’s ambition of attracting foreign investment in agriculture, mining, manufacturing, and infrastructure through Special Economic Zones.
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