Saying it will provide solutions to a lot of problems in Manila, Mayor Joseph Estrada signed a joint-venture agreement with a construction conglomerate for a massive reclamation project in Manila Bay.
Under the agreement, R-II Builders, Inc. will reclaim 50 hectares of land and give 15 hectares to the city government. The project will cost P7.4-billion.
Estrada said the expansion will redound to huge revenues for the city and thousands of jobs for residents. It will also solve the perennial problem of congestion in the city’s seaports, particularly at the Manila North Harbor.
“At no cost to the city government, this project will bring about the much-needed realty and corporate income taxes, and of course, thousands of jobs and business opportunities for the Manileños,” Estrada said.
The project will expand the reclaimed land operated by Harbour Centre Port Terminal, Inc.
Under the joint venture agreement with R-II Builders, Inc., Manila will be appropriated with a 15-hectare portion of the soon-to-be-reclaimed area, which the city government planns to develop as a new industrial complex.
Reghis Romero, chairman of R-II Builders, said the 50 hectares to be reclaimed is at the westernmost end of the Manila North Harbour Centre. Phase 1 and 2 of the reclamation and construction works will be completed in two years.
With the expansion of the North Harbor further out to sea, the existing port facility will now be able to handle larger vessels, reducing the cost of, and speeding the process of cargo handling, Romero said.