Paranaque accepts SM offer to reclaim part of Manila Bay
MANILA, Philippines (UPDATE) - Parañaque City has accepted the SM Land's proposal to reclaim 300 hectares of land in Manila Bay within the city's jurisdiction.
This is the SM Land's second reclamation project with a local government unit. Last year, SM partnered with Pasay City for the reclamation project of land in Manila Bay within its jurisdiction.
The Parañaque Public-Private Partnership Selection Committee said it was only SM Land that had satisfactorily submitted a feasibility study that contained all the required components for the proposed reclamation project.
"The recommendation to accept SM proposal and the acceptance thereof by the City Mayor, have SM Land the 'original proponent' status," it said.
Another proponent S&P Construction Technology Development Corp. failed to submit a complete feasibility study.
The PPS-SC said Paranaque city government and SM Land will now begin detailed negotiations on the terms and conditions of the reclamation project which involve technical and financial aspects.
The reclamation project will still be subjected to a competitive challenge to determine the most beneficial joint venture agreement for the city.
Last September, SM Land, submitted an unsolicited proposal to Parañaque Mayor Edwin Olivarez for the reclamation project. The project was referred to the City Council.
However, Philippine Reclamation Authority said no reclamation activity can legally commence without their approval and the National Economic and Development Authority Board's approval.
"No, they cannot proceed w that project. Per EO 146, a reclamation project will need recommending approval from PRA and subsequent approval by the NEDA board. If I recall right, no application so far received by PRA from Paranaque under the administration of Mayor Olivares," PRA chief Peter Abaya told ANC.
SM is planning to develop and reclaim a combined 600 hectares of land in Manila Bay. The group is currently developing 60-hectare Mall of Asia Complex in Pasay City.