The Manila Bay reclamation projects which President Ferdinand "Bongbong" Marcos Jr. ordered suspended are expected to generate over P24 trillion in investments, the Philippine Reclamation Authority has said.
In a presentation before the House Committee on Ways and Means on August 16, PRA Assistant General Manager Joseph John Literal said the direct investments on the vertical development side is expected to reach P23 trillion.
Vertical development is expected to generate another P1.95 trillion for horizontal development.
In August, Philippine President Ferdinand Marcos Jr. has ordered an indefinite suspension of 22 major land reclamation projects in Manila Bay to allow a study of their environmental impact and legal compliance.
But the suspension of the reclamation projects in Manila Bay may discourage the entry of more investments in the country, according to some business groups.
Philippine Chamber of Commerce and Industry President George T. Barcelon said the government’s recent move to halt reclamation projects in Manila Bay creates “unnecessary uncertainty” for investors.
Literal said that prior to the suspension, the construction for at least six Manila Bay reclamation projects have been started namely:
the 360 hectare SM Prime Pasay City Reclamation and Development Project
the 265 hectare Pasay Harbor City Reclamation Project by Davao-based businessman Carlos “Charlie” Gonzalez and his Davao- based triple A contractor Ulticon Builders
the 318 hectare Waterfront Manila Premier Development Inc. Reclamation Project
the 90 hectare Bacoor Reclamation Project
the 100 hectare Bacoor Reclamation Project
230 hectare Bacoor Reclamation Project
AMID the suspension of all reclamation projects in the country, the Pasay Eco-City Coastal Development project has secured permission to resume operations, the Pasay City government said on Sunday.
In a statement, the local government unit (LGU) said that President Ferdinand Marcos Jr. and the Department of Environment and Natural Resources have lifted the suspension and allowed the city's coastal development projects to continue.
In areas where land is scarce or not available,
reclamation allows the creation of valuable land.
In the case of Metro Manila where available land is very limited, the option for an expansion by building land reclamation is a better solution.
Manila Bay has not been, for the longest time, as pristine as it used to be. Far from being destructive, land reclamation in Manila Bay will result in its rehabilitation.
Apart from that, the benefits that the country will reap from this project is far more beneficial than its environmental impact such as generation of more decent jobs, big revenue for the government, tourism and increase land value.
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