Manila Mayor Joseph “Erap” Estrada recently approved another multibillion-peso reclamation project in Manila Bay—touted as the biggest and most technologically advanced in the city—that will serve as the new commercial and tourism hub of the capital.
During the signing of a Memorandum of Understanding with the Philippine Reclamation Authority and UAA Kinming Group Development Corp. on Monday, Estrada said this new project will bring Manila a step closer to regaining its old standing as Asia’s “Pearl of the Orient.”
“This important event will usher in a new era of prosperity for the great city of Manila. It will bring our city a step closer to recapturing its old glory, and being recognized once again as the ‘Pearl of the Orient,’” Estrada said in his speech.
UAA Kinming has proposed to put up the New Manila Bay International Community, a 407.42-hectare mixed-use commercial and tourism center in the central area of Manila Bay. As “a city within a city,” the project will house future developments, new businesses, and tourism and entertainment facilities.
The MOU officially seals the tripartite cooperation of Manila, the PRA, and UAA Kinming for the project’s construction.
With this new business district, Estrada said Manila will be able to invite more local and foreign investors, which in turn will bring in more tax revenues for the city and thousands of job opportunities for Manileños.
“We will soon see the expansion of Manila’s borders, and its capacity to host more business ventures which will drive Manila’s economy,” the mayor said.
Kitson Kho, executive director of UAA Kinming Group, said: “We look very much forward to this journey ahead of us as we strive to bring glory back to Manila.”
Estrada said the revenues the city government will be able to realize from this district will be earmarked for more educational, health, livelihood, and other social initiatives for the city’s residents.
“This reclamation project will be a symbol of our mission and vision of creating a city that is prepared for a future of economic prosperity and social equity,” Estrada added, as he again thanked President Rodrigo Duterte for his support for Manila’s big-ticket reclamation projects.
Described as an integrated “New Manila Bayfront Destination,” the project is envisioned to become a sustainable, world-class urban center at the heart of Manila Bay that aims to reshape Manila as the “Pearl of the Pacific,” UAA Kinming said.
It will house skyscrapers, business centers, shopping malls, sports and recreational facilities, and even educational institutions. It even has its own “water taxi” to ferry tourists around and up to SM Mall of Asia on the other side of Manila Bay, and a theme park, according to UAA.
Another multibillion-peso reclamation project is set to begin construction in Manila Bay – the 148-hectare state-of-the art Solar City urban center that will host more business centers, residential and commercial properties, and tourism facilities, including an international cruise ship terminal.
From this ultramodern commercial and business hub, Manila is projected to generate up to P17 billion in taxes every year on top of the P10 billion in real property taxes.
It is also expected to generate 100,000 jobs during the construction phase and up to 500,000 more once it becomes operational, which Estrada believes would help Manila’s unemployment situation.
Only last December, Estrada signed a similar MOU with PRA and R-II Builders, Inc. that will pave the way for the P7.4-billion expansion of the Manila Harbour Centre in Tondo.
Under the agreement, Manila will be appropriated with a 15-hectare portion of the reclaimed area which the city government is planning to develop as a new industrial complex.