Pasay declares reclaimed area as investment zone

The Pasay City government has declared the entire reclamation area as the city’s “special investment zone” to attract more companies to put up businesses in the area.

“For purposes of autonomy, the special investment zone shall not be subject of territorial jurisdiction of any barangay or any barangay policy, rules and regulations, resolutions or ordinances, the same being directly governed by the city government,” Councilor Marlon Pesebre said.

He noted that in an ordinance recently passed by the City Council, those who will set up businesses there will enjoy tax breaks and incentives.

The reclamation area was previously occupied by thousands of illegal squatters who were eventually resettled in various parts of the metropolis.

Mayor Wenceslao Trinidad earlier announced that the city government is set to engage in a project that will develop the city into a “prime business and tourist destination in Asia” and this will involve developing the reclamation site.

He said the project has three phases to be undertaken under a Build-Operate-Transfer Scheme by a private company, the West Marina Bay Development Inc. (WMBDI), in coordination with the city government.

The P15-billion project includes the construction of hotels, an entertainment center with multi-level parking and docking facilities for private yachts and cruise liners in the reclamation area, which measures at least five square kilometers.  – Rhodina Villanueva