Pasay City to meet again on P55-B reclamation proj

MANILA, Philippines - The Pasay City government is set to decide today on the fate of the proposed 300-hectare reclamation project along Manila Bay worth about P54.5 billion that is subject to a tug-of-war between SM Land Inc. of retail magnate Henry Sy and property giant Ayala Land Inc.

Pasay City spokesperson Jonathan Malaya said the public private partnership (PPP) selection committee of the city government failed to reach a decision Monday evening on whether or not to extend the deadline for the submission of counter proposals for the unsolicited proposal submitted by SM Land last August.

Malaya told The STAR that the committee would meet again today.

“There are still pending issues that are being threshed out by the PPP selection committee,” he added.

The Sy-led firm offered to fully finance the P54.5-billion project over a period of seven years including the costs of all necessary permits and clearances from government agencies as well as other expenses to comply with all government and legal requirements.

Of the total land to be reclaimed, SM Land said 51 percent or 153 hectares including roads and open spaces would be allocated to the Pasay City government and the Philippine Reclamation Authority (PRA).

Malaya earlier disclosed that three other companies including State Properties Corp. chaired by Washington Sycip, GT Land Development of taipan George Ty, and a certain S&P Technology also bought documents for the submission of counter proposals.

Ayala Land earlier asked Pasay City Mayor Antonino Calixto to relax the terms of the bidding including lowering the required minimum net worth of P50 billion as well as the provision requiring at least a 120-hectare reclamation project preferably within Manila Bay.

The property giant also asked the city government to extend the Nov. 4 deadline by at least 60 days.

Meanwhile, Pasay City Mayor Antonino Calixto clarified that the proposed 300-hectare reclamation project would be submitted to PRA for approval once the city government finds a joint venture partner.

In a letter to PRA general manager Peter Anthony Abaya, Calixto informed PRA that “we have initiated a process to select a capable joint venture partner to undertake the proposed reclamation project subject to your approval.”