COUNTRYSIDE Investments Holdings Corp. (Countryside), a wholly-owned company of businessman Leandro Leviste, wants to invest at least P5 billion for rural development projects in western Batangas to help boost the local economy and create jobs.

In a statement on Friday, Countryside said the planned investment aimed to foster sustainable development within the region.

"The strategic focus of the investment is on sectors that promote high-impact benefits for the local economy, including energy, industrial, and commercial projects. At the heart of Countryside's strategy is its commitment to social justice and sustainability," it said.

The company will work alongside another Leviste-led firm, Solar Philippines Inc., for this venture, following the recent sale of shares in SP New Energy Corp. to Manuel Pangilinan's Meralco PowerGen Corp. and other investors.

Proceeds from this transaction and other fundraising initiatives have been allocated for a series of development projects in western Batangas, where Countryside and its affiliates currently have a significant presence.

Countryside said the proposed investment was expected to create job opportunities for locals in response to the "urgent need" for employment following the closure of the Central Azucarera Don Pedro sugar mill in Nasugbu, Batangas.

It noted that the closure of the sugar mill, owned by Roxas Holdings Inc., had affected the livelihood of more than 13,000 farmers and workers. Hence, Countryside's planned investment would be "timely and critical for the region's recovery."