Despite the global mess, maybe we can pull it

The economic meltdown is engulfing other countries. Britain, as we know it, is ultra conservative, a pillar in the financial world, but already they are packaging humongous bailouts for several banks. What happened? HSBC and Standard Chartered Bank were mentioned, as Lloyds, all respected names in the industry which have been doing sound business for decades.

Iceland is in the throes of national bankruptcy.

Where are we headed?

Hopefully, Asia is spared from the whiplash, though we are feeling the aftershocks of the market here as well. Already, the stock markets in Indonesia, Japan and the Philippines are registering markdowns. Hopefully, again, we do not succumb to panic, which can be deadly for any nation.

Here at home, we still have good potentials that can be realized with the proper mechanisms in place. The Philippine Reclamation Authority (PRA) is the harbinger of good news. According to Ms. Andrea Domingo, PRA Chair and CEO, there are large parcels of properties ready for joint venture development, and these properties are nothing to sneeze at.

There are on-going projects initiated by Ms. Domingo’s predecessor at the PRA – 190 hectares of development in Roxas Blvd which is a joint project with the ARAM consortium, the Bagong Nayong Pilipino Entertainment Center, etc. – which most of us know about. Bagong Nayong Pilipino is actually a PAGCOR project-they bought 40 hectares from PRA which they will develop into an entertainment and gaming center to rival Macau and Singapore. Then there are other projects still in the pipeline, most of them with plans already drawn.

There is one in Mandaue City (this is on-going but not yet finished) in Cebu, a 300-hectare development, 80 hectares of which have been reclaimed, plus a bigger one in Lapu Lapu City (400 ha.), though I hear this one is running into snags due to political problems. Pity, because this integrated area development project promises to be big, with components for an international port, an industrial site, warehousing, residential and tourism facilities. Hope they can sort out their political tangles soon enough to get this project going because all the plans and feasibility studies have been drawn.

The one in Coron Island in Palawan is smaller, between 80 to 100 hectares, but when fully developed could easily be the crown jewel of Palawan. Situated between the mountains, steep rocky formations and the sea, Coron has a much smaller land area, but it is pristine and breathtaking, thanks to the firm conservationist stand of Palawan. If this is observed strictly in the project, if the environment and shore lines are protected, Maldives will pale in comparison.

Alaminos, Pangasinan has also been drawn into the fray. The Mayor, Nani Braganza, initiated the project wherein he intends to regularize and correct all the reclamation in the area around Hundred Islands, and provide more lands for the tourism projects in the area. He is enforcing all the environmental permits needed in an effort to preserve the natural beauty of Hundred Islands.

And finally, the proposed transfer of the oil depot in Pandacan to another area of the Baseco. This is a new reclamation project out in the sea, some 500 meters away from the residential area. When completed, it will be surrounded by an artificial lake with 300 hectares of mangrove-an island in itself. It will also have its own access roads.

Ambitious as the project is, I guess it is bound to run into political problems as well. Ms. Domingo has enumerated the benefits for the City of Manila if it agrees to this new oil depot relocation. First, Metro Manila is assured of a continuous fuel supply. Second – we will not have all those trucks, thousands of them, pounding the streets of the city to and from the depot. Third – Certain costs will be minimized, like transportation, trucking and barging. As it is right now barges are needed from the pier to cross Pasig River. With the new depot, big ships can already anchor and oil transferred through feed lines. The cost-savings can translate to cheaper fuel in the long run, though this will still be dependent on the oil companies.

The PRA is trying to negotiate with PNOC for a joint project in the transfer of the oil depot from Pandacan to Baseco. Should this pull through, PNOC will be paying taxes to the City of Manila, and this project should generate additional employment and commercial opportunities for the people of Manila.

There is no official word on how the City of Manila views the project. Last we heard, though, Mayor Alfredo Lim’s office has requested for a presentation to better understand the project. Looks like the Mayor is keeping an open mind.

Few of us understand how the PRA operates. Apparently, it does not get any appropriations from Malacañang-it is a self-liquidating corporation that pays taxes and even pays out dividends. It earns its keep through the joint projects it goes into with consortiums. Another source of income is the regulatory fees and the land share they get from reclamation projects they undertake.

For the Mall of Asia owned by the Sy family, the area is wholly owned by the Sys. The PRA’s joint project with them is for the Mall of Asia to develop the roads around the development. This area is booming fast, and several government agencies are set to move their offices South. Among them are the Dept. of Trade & Industry, the Philippine Regulatory Commission, and the COMELEC. 

Being an archipelago, we still have a lot of unrealized potentials, something to grin about in these uncertain times. 

 Memories...and more

“Sir Butch: here’s our gang’s contribution to your great series on Memories. We were young once upon a time, and the 60s and 70s were great years. In the 60s, we wore our Banlon t-shirts with pride, in all colors. You were not in if you didn’t have at least one in your closet. In the seventies, it was Nik-Nik, those colorful shirts from Hong Kong. Our jeans were Faded Glory and Bang-Bang, also from Hong Kong. These were expensive, not affordable for young people but a must-have in those days.” Thanks to Armin, Benjo, Claire and Tommy!

B&L, the TV show

Business & Leisure, the 17-year old TV counterpart of this column, which has been dubbed as the weekly “window to the world of business and guide to the good life” now airs in two different cable networks and various channels-Tuesday evenings at 10 o’clock on the Home Shopping Network (Channel 9 – Global Destiny and Channel 13 – Sky) with replays on Saturday 11 p.m. on Makisig Network (Channels 76 and 82-Sky) and on Viva Prime Monday at 10:30 p.m., Tuesday at 10 p.m., Wednesday at 12 n.n. and Friday at 10:30 p.m. 

Those in business and the lovers of the good life have different lifestyles and daily schedules so we opt to make viewing of the “longest-running business & lifestyle TV magazine” accessible almost all through out the week.

Mabuhay!!! Be proud to be a Filipino.

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