Pasay City to announce decision on reclamation project Nov 14

MANILA, Philippines - The Pasay City government is set to announce on Nov. 14 the decision on the controversial 300-hectare reclamation project along Manila Bay.

Pasay City spokesperson Jonathan Malaya said the public private partnership (PPP) selection committee of the city government agreed to make a decision on Nov. 14 as it needs more time to study the queries of several interested companies.

The committee failed anew to resolve the issues raised by the interested companies particularly Ayala Land on the terms of the counter proposal on the P54.5-billion offer made by SM Land to pursue the massive reclamation project.

The deadline for the submission of counter proposals for the controversial project was last Monday. However, the committee failed to make a decision last Monday whether or not to extend the deadline.

The Sy-led firm offered to fully finance the P54.5-billion project over a period of seven years including the costs of all necessary permits and clearances from government agencies as well as other expenses to comply with all government and legal requirements.

Of the total land to be reclaimed, SM Land said 51 percent or 153 hectares including roads and open spaces would be allocated to the Pasay City government and the Philippine Reclamation Authority (PRA).

Malaya earlier said that three other companies including State Properties Corp. chaired by Washington Sycip, GT Land Development of taipan George Ty, and S&P Construction Technology and Development Corp. also bought documents for the submission of counter proposals.