Retail magnate Lucio Co has expressed interest in establishing a fuel depot and developing the planned economic zone in Lila, Bohol.
Lila Mayor Arturo “Jed” Piollo II said representatives of the retail magnate met with him late last month to discuss the potential investments and convey an invitation from Co for a face-to-face meeting in Manila.
According to Piollo, Co is interested in establishing a fuel depot on a five-hectare site adjacent to the existing LPG depot operated by PryceGas in Barangay Nagsulay.
“Their interest is to put up a fuel terminal,” the mayor said. Interestingly, one of Co’s business milestones include its foray into specialty retail when Cosco Capital acquired in 2014 Liquigaz Philippines Corp, a local LPG distributor, but exited in 2019.
While discussions centered on the proposed fuel depot, the Lila local government also took the opportunity to present its planned 50-hectare economic zone project, which is envisioned to be developed in the same barangay. The LGU has long prepared for the project but has lacked the resources to finance its development. The site consists of 136 parcels of land made up of small lots that need to be consolidated.
Piollo said the indication given was Co may have to partner with an ecozone developer as its real estate business unit does not have expertise in this kind of property development.
“The project was supposed to be completed in 2025,” said Piollo, noting concerns about funding. He said the Sangguniang Bayan had proposed for the LGU to take up a loan, but Piollo did not want to incur any loan stating he had been paying loans of the previous LGU leaderships, but does not want to incur one during his term.
The planned ecozone is being positioned as a hub for low-level industrial projects that are relocating from China to ASEAN countries. Piollo said some manufacturing firms are moving to the Philippines as labor costs in China have increased.
Cosco
Cosco Capital, Inc., under its flagship brand Puregold, is one of the fastest-growing retail holding companies in the Philippines. It was formerly known as Alcorn Gold Resources Corporation and was incorporated on January 19, 1988 as Alcorn Petroleum and Minerals Corporation.
Based on its website, the company envisioned to thrive beyond its prime purpose of being an oil and mineral exploration and development corporation and eventually became a retail holding company on January 13, 2000. Because it shifted to a broader corporate interest, it then became a full-fledged retail holding company and changed its name to Cosco Capital, Inc.
Over the years, Cosco Capital is the amalgamation of the different businesses of its chairman Co in the field of retail, real estate, liquor distribution, oil and mineral exploration, and other specialty businesses.
