Sunday, March 16, 2008 [ philstar.com ]
The Pasay City government has allocated P15 billion to develop the city’s bay area and jumpstart the city’s bid to become a “prime business and tourist destination in Asia.”
“The project entails the development of existing bay areas or reclaimed shorelines. The target area will even be larger than the SM Mall of Asia complex, also located in the city’s bay area, which is nearly 1.2 square kilometers. The project, to rise just behind the mall’s premises, will cover at least five square kilometers,” Mayor Wenceslao Trinidad said.
He said the “Pasay Near-Shore Development Project” has three phases that will be undertaken under a build-operate-transfer scheme by a private firm – the West Marina Bay Development Inc. (WMBDI) – in coordination with the city government.
Trinidad and WMBDI officials recently signed a memorandum of agreement for the project, and construction will begin in six months. The scope of project includes the construction of hotels, an entertainment center with multi-level parking, and docking facilities for private yachts and cruise liners.
“We envisioned this development plan eight years ago and this project – in addition to what are already in place in the city’s Central Business District – will move Pasay closer to truly becoming the ‘prime business and tourist destination in Asia’ in the near future,” he said.
The project gained headway when Sangguniang Panlungsod Resolution 2267, sponsored by all members of the city council, was adopted and approved on Feb. 29.
The resolution authorizes the city mayor to appoint any reputable business entity as the program integrator and become the unsolicited and pioneering proponent for the development of a portion of the existing bay areas near the shorelines of the city’s central business district on a build-operate-transfer scheme, provided that the development complies with all laws, rules and regulations applicable to it.
Trinidad added that project complements his administration’s urban renewal program, a long-term plan that aims to reenergize the whole of the city, with the bay area serving as the catalyst for the city’s future projects.
______________________________________________________________________________
