Government is considering a P74-billion development project involving an 80,000-hectare property in Quezon province.
Documents from the Presidential Committee on Flagship Projects and Programs revealed that the project was pending approval by the Philippine Economic Zone Authority (PEZA).
The project, according to the PCFPP, would involve the development of the project into a mixed residential, commercial and industrial area over a period of 15 years.
The PCFPP identified the project proponent only as a certain "Roxas" who is reportedly closely identified with former President Fidel V. Ramos and was a former director of the Veterans' Bank. According to a PCFPP source, however, Roxas owns only 30,000 hectares of the property.
Documents indicated that the project has already been sounded off to the committee but the proponent has yet to submit a master development plan for the property.
Part of the property, according to PCFPP documents, were being applied for incentives as an eco-tourism estate.
The documents did not indicate how the project is to be financed, but initial estimates indicated that the cost would run to at least P74 billion in development expense.
The area is located deep in Quezon province, about 60 kilometers from Metro Manila and accessible through the Marikina-Infanta Highway.
To develop the property, massive civil works will have to be undertaken, especially in terms of constructing alternative access roads as well as to improve the road network within the estate.
Documents showed that development activities already started in 1997, but there have been no progress reports.