CEBU, Philippines — The Philippine Reclamation Authority (PRA) has given the green light to the P20 billion Ming-Mori reclamation project in the southern town of Minglanilla.
During the ceremonial signing of the Memorandum of Agreement (MOA) between the local government of Minglanilla and the PRA yesterday at Citadines, PRA general manager and CEO Atty. Janilo Rubiato said a Notice to Proceed will be issued once the local government of Minglanilla submits the necessary requirements such as detailed engineering plan, among others.
The development is expected to be completed within three years after the issuance of PRA’s notice to proceed.
The development of the ambitious 100-hectare Minglanilla Techno-Business Park is estimated to fetch at least P100 billion to the Minglanilla economy including salaries and taxes, said CLI chairman Jose Soberano 111 Jose Soberano III, chairman and president of CLI affiliate Ming-Mori Development Corp.
Minglanilla Mayor Elanito Peña said this PPP (public-private-partnership) project positions the town into becoming the biggest economic driver in the southern part of Cebu.
“Minglanillahanons would expect more employment opportunities. They will no longer look for jobs that require them to travel. This is a long awaited project of Minglanilla,” noted Peña.
CLI will be the developer and manager of the 100-hectare technohub envisioned to be a regional growth center designed to be sustainable and responsive to the environment.
PRA coordinates and administers all reclamation projects nationwide and approval of the development indicates that government has thoroughly evaluated the undertaking.
In 2020, the Ming-Mori project was issued an Environmental Compliance Certificate (ECC) after more than five years of rigid and comprehensive review.
“The project will take CLI to a brand-new level and widen the range of our customer base to include light-industrial and technology-driven companies,” Soberano said during the press conference after the ceremonial MOA signing.
“We aim to achieve a balanced and mutually supporting relationship between urban mixed-use development, light-industrial land use and environmental stewardship. This will be our formula for sustainable growth and development,” Soberano added.
Because of the scale of this project that will take several phases to develop, the company has carefully and meticulously planned it to be “sustainable and supportive of future generations,” he noted.
The Cebuano businessman said the publicly listed firm, CLI is fully equipped to develop and manage this high capital project with the solid support of equity and bank partners.
Early this year, the Cebu-based company was able to secure PHP3 billion through issuing corporate notes at a very competitive rate to fund early works for Ming-Mori beginning in the fourth quarter in 2021.
CLI has also strengthened its capital base by declaring 123 percent stock dividends to shareholders on record as of June 18, which will be paid on or before July 14. This move prepares the firm for any capital raising in the future.
The estate’s proximity to Cebu City makes it a highly viable location for light manufacturing industries especially now that the province’s main industrial parks are fully occupied.
Ming-Mori will also have its own port facilities to link it with the global economy.
To further attract locators, Ming-Mori’s first phase will include commercial, residential and institutional zones “to create enough diversity to make it a vibrant community at the outset,” Soberano said.
Jobs from light manufacturing firms will initially draw workers and their families into the area to create a critical mass of residents supported by residential and commercial areas, schools, churches, and other institutions.
As more areas become available and are developed, CLI envisions a vibrant waterfront community with lifestyle, business and industry woven together.
The Minglanilla Techno Business Park has been masterplanned by globally acclaimed Singapore-based Surbana Jurong Consultants, one of the most successful urban and infrastructure consulting firms in Asia with projects in over 30 countries.