Wednesday, October 8, 2008 [ philstar.com ]
The Parañaque City government formally approved the Philippine Amusement and Gaming Corp. (Pagcor)’s plan to build its P25-billion entertainment city yesterday morning.
Members of the city council ceremonially signed a resolution that declares a 150-hectare property along Roxas Boulevard and Costal Road as a Philippine Economic Zone Authority (PEZA) zone. The resolution was actually passed last Sept. 19.
Mayor Florencio Bernabe Jr. and Pagcor president and chief operating officer (COO) Butch Francisco witnessed the ceremony, which they said will generate 250,000 jobs and rake in at least P1 billion in tax revenues for the city.
The former reclamation area was reclassified as a tourism economic zone in order to grant benefits to investors such as tax holidays and other similar incentives.
Bernabe said construction is expected to start soon since Pagcor has put up a field office on the site. He said the construction of new luxury hotels, restaurants, malls, convention centers, theaters, cultural centers, museums, amusement parks, residential villages, and an observation tower will generate hundreds of jobs for both residents and non-residents of Parañaque. – Michael Punongbayan
____________________________________________________________________
