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Pacman moves up to serious business with P1.2-B venture


By Ayen Infante

05/20/2009 [ tribune.net.ph ]

Boxing legend Manny Pacquiao is trying his boxing hands of gold on big time business, planning to spend as much as P1.217 billion to develop over 300 hectares out of his 400 hectares property in General Santos City into a special economic zone.

Philippine Economic Zone Authority (Peza) director general Lilia de Lima said the proposed project is already up for final signing next month when it would be declared as a special economic zone and be entitled to enjoy a string of perks, including fiscal and non-fiscal incentives from the government.

Registered under a new company Manny Pacquiao Heights Development Corp., the property is located at Balsinang, Olympog in GenSan.

Pacquiao intends to develop the area into a well-planned community with the first 200 hectares to be developed into different types of economic zones.

The biggest would be a 70-hectare lot for tourism; 65 hectares for information technology; 40 hectares for retirement; and 30 hectares for medical tourism.

De Lima said the firm is now talking to two foreign companies that have expressed keen interest in developing world-class medical tourism facilities in the zone.

Among the two is the Bio City Development Co. (Bio City), a healthcare infrastructure development company based in New York that specializes in the development of International Cancer Center (ICC).

Bio Center has developed ICCs in Dubai, Europe, Vietnam, Hong Kong and New York.

In addition to the ICC which is the key project in the proposed Medical Tourism Park, Pacquiao has also opened the zone for a medical university, high-end accommodation facilities for patients visitors and companions, an international Medical Convention Center; outdoor sports and recreation park; and retail and commercial strips.

Out of the total costs, the firm plans to spend P1.193 billion to develop the land area; while the remaining balance of P24.3 million will be used to pay for the land acquisition.

De Lima said that under the firm’s proposal, a big chunk of the required funding amounting to P730.439 million would come from internally generated income, while the rest of the cost at around P500 million from bank loans.

The new company is currently seeking registration with the Securities and Exchange Commission.

Incorporators were listed as follows; Emmanuel D. Pacquiao, Jinkee J. Pacquiao, Rogelio D. Pacquiao, Edilberto L. Jamora, Helen DC Nocom and Yan V. Amante.

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