Asian Seas Resources and Construction Development Corp., a property developer controlled by the F.F. Cruz Construction Group, asked the Philippine Reclamation Authority to review the proposed reclamation project of Waterfront Manila Premier Development Inc.
“There is no possible way the reclamation can be done at P34 billion. It’s undervalued,” ASSERCO legal counsel Jose Bernas said.
Bernas said the reclamation project cost should be at least three times more, or about P100 billion.
Manila Standard tried to obtain comments from representatives of PRA and WMPD, but they had yet to response as of press time.
The PRA earlier approved the request of WMPD to start the mobilization of its P34.3-billion reclamation and horizontal development of 318 hectares along Manila Bay.
WMPDI counsel Ma. Julieta Santos earlier said the reclamation project complied with the requirements of PRA and the City of Manila.
“Manila also issued its NTP knowing that the project is beneficial to the city and the Filipino people at no cost to the government. Government has a 51-percent share in the project once there is reclaimed land,” Santos said.
Santos said WMPDI paid PRA the regulatory fees and social environment fund in the amount of P800 million as part of the condition to mobilize the project.
Bernas, however, insisted that the same area of the reclamation of WMPDI was already awarded to ASSERCO.
ASSERCO filed a civil case against PRA, City of Manila and Waterfront, saying the awarded project to Waterfront overlapped the former’s project award issued in 1991 by PRA.
“Court already found that it was illegal to remove from ASSERCO,” he said, adding that the project had no clearance from the National Economic and Development Authority and no public bidding.
ASSERCO filed a motion for reconsideration with the Makati regional trial court on Aug. 22 to reverse its Aug. 4 ruling allowing the joint venture deal of WMPDC with PRA and the City of Manila to proceed with the reclamation project.