Lapu-Lapu reclamation on track

CEBU, Philippines - Four developers are interested to undertake the proposed 400-hectare Mactan North Reclamation and Development Project, according to Lapu-Lapu City Mayor Paz Radaza.

In a press conference, Mayor Radaza said they are now assessing the four interested developers' papers and capacity to undertake the project, a move that shows the city is on track with its goal to carry out the humungous reclamation venture.

"The city government will implement the reclamation project as soon as a winning developer is determined," said Mayor Radaza.

Based on a feasibility study, the reclamation project will contribute multibillion pesos in revenues every year, depending on the contracts entered into by locators and developers of the property.

The reclamation project, which will be implemented through "build-operate-transfer" scheme under the principle of public-private partnership, is expected to generate P2 to P3 billion in revenues for the city in the first year of operations alone. 

The full utilization of the property, however, is said to bring revenues to as much as P10 billion annually.

Its initial cost was pegged at P10.29 billion, although this may further increase to allow for inflation.

Officials said it is seen to bolster the economic strength of the city as it will be positioned as the next financial district in the Philippines next to Makati City.

The project will sprawl through four barangays of the city, namely Ibo, Mactan, Buaya and Punta Engaño.

As soon as the project is implemented, Mayor Radaza said Lapu-Lapu City will have its own international port, information technology and tourism zones, retirement village and golf courses, among others.

It was also learned that Mactan Export Zone Phase 1, among other investors, already expressed interest to put up an expansion site at the proposed area.

The reclamation project in Lapu-Lapu City is needed in order to sustain investors' appetite to locate in the area, as the city is considered a tourism center in Cebu province, according to city officials.

Earlier reports said the plan to mount the reclamation project had been standing for years but the project was reportedly derailed after the Regional Development Council then chaired by former Cebu governor Gwendolyn Garcia said the project needed their endorsement in order to proceed.

A report was also quoted as saying Capitol officials allegedly shot down attempts by Lapu-Lapu City officials to hold briefing on the MNRDP proposal.

In 2004, the MNRDP got the approval of former president Gloria Macapagal-Arroyo and gained further endorsement from the Philippine Reclamation Authority. (FREEMAN)