Investors eye P10-B Mactan reclamation project
July 27, 2009 9:56 am
CEBU CITY, July 27 - Several prospective investors have inquired on the P10.29-billion Mactan North Reclamation and Development Project (MNRDP) even if the project has yet to be implemented, Lapu-Lapu City officials said.
Lapu-Lapu assistant City Attorney and MNRDP project manager Michael Dignos said inquiries by prospective investors revolved around doing business and buying lots at the proposed 400-hectare reclamation project.
But we cannot give them a categorical statement yet because we are still waiting for the final papers to come in. Once those documents are with us and we have set the project in motion, then we can properly entertain those investors, he said.
Dignos said that the initial investor inquiries were made by companies engaged in financial services and general contracting businesses.
While MNRDP is being positioned as a megaport town in the Pacific that will connect the Lapu-Lapu City to the global market-place, the Lapu-Lapu city government is also thinking of promoting it as a financial area next to Makati City.
Lapu-Lapu City awaits the issuance of the environmental compliance certificate for the MNRDP by the Department of Environment and Natural Resources and the notice to proceed from the Philippine Reclamation Authority.
Dignos said the city government hoped to start the project after the 2010 elections.
Dignos said that if the city decided on a joint venture with a private developer, a Mactan North Reclamation Holding Corp. would be set up, with the city retaining 50 percent stake.
According to the executive summary for MNRDP, 30 percent of the reclaimed area will be set aside for roads, a flushing channel and open spaces while the rest will be divided into four different land uses, namely a 92-hectare international port, 70-hectare economic zone expansion, 78-hectare town and commercial center, and 40-hectare tourism belt.
The MNRDP revenues, Dignos said, would fund the city government's priority projects, such as a city college, a hospital, public markets and sports facilities.
The city expects revenues of about P2 to P3 billion on the first year of MNRDPs operation and about P5 to P10 billion from the contracts with the investors.
MNRDP, which will cover the foreshore areas of barangays Ibo, Mactan, Buaya and Punta Engano, was reportedly approved by President Arroyo in 2004 and by the PRA last year.
The Central Visayas Regional Development Council, in a meeting called by Cebu Gov. Gwendolyn Garcia in July last year, opposed the MNRDPs implementation for failure of the Lapu-Lapu city government to consult stakeholders regarding the reclamation project and its effects. (PNA)