What was Rizal's North Borneo project?

While in Hong Kong, Rizal planned to establish a Filipino colony in Borneo under the protectorate of the North Borneo Company. The British Governor granted him permission to establish a settlement on a 190,000-acre property in North Borneo. However, the Spanish Governor General of the Philippines, Governor Eulogio Despujol, disapproved of the project, saying it was impractical for Filipinos to develop foreign territories when the Philippines itself needed development.