MANILA - Newly appointed presidential adviser on economic affairs and information technology RJ Jacinto on Friday said he will propose plans to lease an island in Palawan to create a "business utopia" for multinational companies.

Jacinto said a possible location is Busuanga Island, a tourist spot in Palawan known for diving spots and white sand beaches.

"Busuanga is bigger than Singapore, it's about 380 square kilometers...You have to choose an island that's not too populated so you don't have to displace many people," he told ANC's "Market Edge with Cathy Yang."

He said similar to military bases, government can look into leasing "business bases" governed by multinational companies.

"It's about time the multinationals chart their own destiny, govern themselves, build their own roads and ports, but subject to them hiring Filipinos, and subject to a mix of industries that will benefit the country," he said.

Jacinto, the owner of Jacinto Color Steel, also said his priority is to create new jobs through industrialization.