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PRA expects P23-T worth of investments in 14 Manila Bay reclamation projects

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RG Cruz, ABS-CBN News

MANILA — The Philippine Reclamation Authority expects as much as P23 trillion in direct investments for vertical development in the 14 reclamation projects already approved in Manila Bay.The PRA also told a House Ways and Means Committee briefing that the government may get as much as P140 million in real property taxes per hectare annually and over P10.5 trillion in valuation of saleable land assets--all during the Full Development Phase.During the Horizonal Development phase, direct investments may reach up to P1.95 trillion, P19 billion in PRA fees, P4.8 million in real property taxes per hectare per annum and over P2.2 trillion in valuation of saleable land assets.During reclamation, there maybe some P650 million in direct investments, P25 billion in PRA fees, P30 billion in extraction fees and P743.71 billion in valuation of raw land assets.&quot;In terms of financial outflows, on the part of the national and local government, reclamation projects shall be implemented at zero cost to the government,&quot; PRA&#x27;s briefer stated as it noted that projects will be entirely financed by the private sector proponents under a PPP arrangement, pursuant to a PPP Code / Ordinance.Meanwhile , private sector proponents will provide not only financing, but also the manpower, facilities, and technology necessary for the reclamation projects; and projects will not involve any commercial or construction risks to the government which will be assumed by the private proponents.The PRA also explained that in terms of economic activity, the projects will have a multiplier effect on business, commercial activities in the cities and will create hundreds of thousands of jobs and spur economic activities.&quot;During the horizontal and vertical construction period of road, buildings and other infrastructure facilities, the projects are expected to generate thousands of jobs and business opportunities; and After the completion of the development and the commencement of business operations of locators, a total of millions of jobs are expected to be created,&quot; PRA&#x27;s briefer said.PRA also added that in terms of social benefits, the proceeds from the projects will enable the National and local government to improve and expand its existing projects and services. &quot; Local governments have committed to devote a substantial part of their gains from real property income from reclaimed area for social services, livelihood and pro-poor programs,&quot; PRA also said.House Ways and Means Panel Joey Salceda backed the reclamation projects.&quot;Reclamation projects offer immense economic opportunities, and hence, offer opportunities to expand fiscal space.&quot; Salceda said.Salceda recalled that on August 10, 2023, Secretary Maria Antonio Yulo-Loyzaga of the Department of Environment and Natural Resources (DENR) made a significant announcement concerning 22 reclamation projects in Manila Bay. &quot;These projects have been temporarily suspended for a comprehensive review to assess worthiness for Environmental Compliance Certificates (ECCs) and area clearances. Secretary Yulo-Loyzaga emphasized the administration&#x27;s commitment to the delicate balance involving sustainable development, environmental preservation, biodiversity conservation, climate change mitigation, and responsible land-use management. &quot; Salceda said.However Salceda also pointed out that a suspension is not tantamount to the abandonment of the projects and may be an opportunity to rethink the costs and benefits of reclamation projects.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/08/10/23/all-manila-bay-reclamation-projects-suspended-denr">DENR says all 22 Manila Bay reclamation projects suspended</a></li></ul><div>RELATED VIDEO</div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/BCo6JK_54NA?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The Philippine Reclamation Authority expects as much as P23 trillion in direct investments for vertical development in the 14 reclamation projects already approved in Manila Bay.

PRA expects P23-T worth of investments in 14 Manila Bay reclamation projects

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PRA expects P23-T worth of investments in 14 Manila Bay reclamation projects

RG Cruz,

ABS-CBN News

Published Oct 16, 2023 11:54 PM PHT

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PRA

Philippine Reclamation Authority

reclamation

Manila Bay

House of Representatives

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