THE South Korean government grant offer of U.S. 2 million dollars (more than P100 million) for the establishment of a fish processing plant in Dagupan City still stands.
Talking to newsmen last Monday at his residence before flying back to Manila, House Speaker Jose de Venecia reiterated that the grant was conveyed to him by the South Korean prime minister through their foreign minister when he was in South Korea early this year.

He asked the Dagupan City government headed by Mayor Benjamin Lim to take advantage of the grant so that they will not borrow money from the bank anymore in order to build the project.

The fish processing plant was identified as a flagship project of the incumbent city administration which earlier drew up a market strategy to promote Dagupan’s bangus to various parts of the world.

The marketing strategy also aimed to put Dagupan on the pedestal as “bangus capital of the world”.

The plant seeks to process not only local bangus but other aquatic products produced in the city for export to various countries with overseas Filipinos for its main target.

De Venecia said if the city avails of the grant, it will pay no interest and principal, unlike when it borrows money from the Land Bank of the Philippines.

He added that the Dagupan City government must submit a feasibility study for the project and pinpoint where it is going to be built.

He said there is also at the same time a need to organize a professional management team that will manage the project to assure success.