4 foreign investors interested in Mactan reclamation project

CEBU, Philippines - Four foreign investors have signified their interest to undertake the P1-billion Mactan North Reclamation and Development Project, Lapu-Lapu City Mayor Paz Radaza announced yesterday.

The mayor told reporters that the investors, all foreign-based, informed the city government of their interest to implement the project.

But Radaza said they could not yet divulge the names of these potential developers as they are now in the process of documenting further of the 400-hectare reclamation project.

President Gloria Macapagal-Arroyo approved the project four years ago when she was invited as guest speaker of the Kadaugan sa Mactan celebration in Lapu-Lapu City.

The waters off barangays Ibo, Buaya, Mactan and Punta Engaño will be the site of the Mactan North Reclamation and Development Project.

The P1-billion project is designed to cater to an international seaport, the expansion of the Mactan Economic Zone and tourism-related projects of the city. Under the plan, three bridges will connect the proposed island to the mainland.

The reclamation project is also being eyed as potential for the international port.

It was learned that the feasibility study, which costs P6 million, has already been completed and was approved by the Philippine Reclamation Authority. (FREEMAN)