CEBU, Philippines - The Lapu-Lapu City government is targeting to complete the requirements needed for the proposed 400-hectare North Reclamation and Development Project's implementation by first half of 2015.
Lawyer Michael Dignos, the city government's point man for the huge project, said if this goal will be met, implementation is projected to start by late 2015.
Dignos said that soon, they will announce the status of the plan, as well as the issues and challenges related to the project's implementation.
The proposed reclamation project aims to house an international port, information technology and tourism zones, retirement village and golf courses, among others.
Lapu-Lapu City officials assured residents who will be affected that they will benefit from the project. For instance, locals will be prioritized for employment opportunities.
The FREEMAN learned that four developers are interested to undertake the project which will sprawl though four barangays, namely Ibo, Mactan, Buaya and Punta Engaño.
Lapu-Lapu City is 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.
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.
According to city officials, 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. (FREEMAN)