THE National Economic and Development Authority board approved the New Nayong Pilipino at Entertainment City Public Private Partnership project after it was endorsed by the Investment Coordination Committee.
The board headed by President Rodrigo Duterte was convened on November 14. The newly approved P1.47 billion PPP project is tourism-oriented facility.
It is envisioned to be the top-of-mind destination for foreign and local tourists who want to experience what makes our nation and culture unique and more fun.
The planned cultural theme park of the Department of Tourism and Nayong Pilipino Foundation will be an experiential and creative showcase of the various elements and dimension of the Filipino culture, identities and traditions spanning past and contemporary periods.
The winning private partner will build, operate and maintain the project with a cooperation period of 23 years which includes a three-year construction period.
The P1.47-billion New Nayong Pilipino at Entertainment City project can now be bid out under the Public-Private Partnership scheme.
The tourism-oriented facility passed the muster of the National Economic and Development Authority board, the last hurdle before the bidding procedure.
The Entertainment City, which includes an integrated resort, casinos, shopping malls, fine dining restaurants and residential areas, was envisioned to be the top-of-mind destination for foreign and local tourists.
It will cover 120 hectares of reclaimed land at the southeastern part of Manila Bay and generate employment for close to half a million in Parañaque and neighboring areas.
The winning private partner of the New Nayong Pilipino project will build, operate and maintain the facility in the span of a 23-year cooperation period, which includes a three-year construction time under the Build-Transfer-Operate-and-Maintain scheme.