It was recently reported that a Dubai based oil firm is negotiating a deal to develop a USD5 billion Energy City project located in the Philippines. According to the Malaya Business Insight, the project would be spearheaded by Kampac International and it would be located in Southern Luzon.

According to Kampac International Chairman Charles Ampofo, in his speech during a recent business conference held in Manila, the said project would take five years to complete. It would include a liquefied natural gas plant as well as a petrochemical factory.

The project once completed would have a labor force between 8,000 and 10,000 individuals. The government of Dubai chose the Philippines as the site of its new factory because of the good governance in the country that has buoyed investor confidence. 

Ampofo said, "You do not need n economist (to realize) that if you want to invest in a place that has potential, the Philippines presents a better location."