Metro Manila (CNN Philippines, October 16) – National and local governments stand to earn billions of pesos and gain new land once the various reclamation projects in Manila Bay have been completed, the Philippine Reclamation Authority (PRA) said Monday.
PRA officials touted the economic benefits of reclamation during the hearing of the House Ways and Means committee on the revenue prospects of the projects.
To date, the PRA has approved a total of 14 reclamation projects in Manila Bay, covering 5,503.12 hectares. The implementation of six projects, however, was stopped when President Ferdinand Marcos Jr. ordered the suspension of reclamation initiatives last August, pending further study on their environmental impact.
For the reclamation phase, PRA Assistant General Manager Joseph John Literal pegged the value of direct investment at ₱650 billion, while the estimated value of raw land assets is at ₱734.71 billion.
The PRA also stands to collect ₱25 billion in fees from the developers.
The economic benefits will balloon to trillions of pesos when the reclamation projects are completed, the PRA said.
It estimated the cost of direct investments for vertical developments to reach ₱23 trillion, while the financial windfall for developing horizontal projects is pegged at ₱1.95 trillion.
National and local governments will also collect billions of pesos in real property taxes once the reclamation projects are completed, PRA said.
House Ways and Means Committee chairman and Albay Rep. Joey Salceda said reclamation is “inevitable” for the development of Metro Manila, which is now the world’s most densely populated mega city.
He said property developers and officials of the Department of Environment and Natural Resources and its attached agencies will be invited to the next hearing to discuss the impact of suspending the projects.
