Upscale property developer Megaworld Corp. is allotting an initial P1.5 billion for the development of its recently-acquired property in Mandurriao, Iloilo.
In a disclosure to the Philippine Stock Exchange, Megaworld first vice president and corporate information officer Francisco Canuto said the initial development costs will cover the hotel, convention facilities and business process outsourcing (BPO) office buildings to be constructed on the old Iloilo Airport property.
Megaworld acquired the property from the government for P1.2 billion.
The company has already applied with the Philippine Economic Zone Authority for a special economic zone license for the area.
Megaworld said it plans to turn the old airport into Iloilo’s newest business district.
Aside from building a BPO complex, Megaworld said it also plans to construct educational facilities in the area geared at equipping prospective employees of call centers and other BPO firms.