New financial hub to rise in Manila

MANILA, Philippines – A $4-billion “global financial hub” will soon rise in Manila, Mayor Alfredo Lim said Saturday.

He said a group of investors, led by Incheon Metropolitan City international adviser Rev. Dr. Jeon Dae Gu and Easy Led Corp. Philippines president Man Young Yoon, have proposed to build the hub as part of the Manila Bay South Harbor expanded port zone project at no cost to the government. Incheon is a sister city of Manila.

Once the project is realized, an estimated 150,000 new jobs will be generated, with Manila residents prioritized for employment, Lim said.

“The figure does not include the workforce which will be used during the construction period. The financial center will house commercial and residential units, including a 101-story building, which will be the tallest in the country,” he said.

He said under a study, the area will also be utilized for cruise ships and is expected to attract an additional two million tourists a year. This figure will include some 300,000 to 500,000 cruise passengers who currently go to countries like Singapore, Thailand, Indonesia and Malaysia, which offer more tourist attractions.

Lim said that both the national and local governments stand to benefit from the project since they will be getting a share from the earnings that will be derived from the operations of the financial center.