THE PHILIPPINE RECLAMATION AUTHORITY, formerly the Public Estates Authority, is aiming at posting revenues of P50 billion over the next five years as it pushes for a new approach to the development of the 800-hectare Three Islands project that used to be part of the controversial PEA-Amari deal.

PRA general manager and chief executive Andrea Domingo said in an interview that the agency was pursuing the replanning and repackaging of Three Islands project through a joint venture with either the Government Service Insurance System, Philippine Amusement and Gaming Corp. or the local government of Parañaque City.

The Supreme Court had nullified PRA’s contract with Amari Coastal Bay Development Corp. for the implementation of the project and ordered the former to reimburse the cost incurred by the latter.

The high court declared as unconstitutional the transfer of ownership of land from PEA to Amari through a deal that has since been popularly referred to as “the grandmother of all scams.”

Domingo said that since preliminary work started in the 1990s, 157 ha have been reclaimed, but the entire area had given rise to a 175-ha perimeter that Malacañang has proclaimed as a protected natural habitat and ecotourism area.

“We aim at reclaiming a total of 250 ha by 2009,” she said.

Domingo added that the land development plan would have to take into consideration the protected area where mangroves provide a sanctuary for wild birds.

At the same time, the former chief of the Bureau of Immigration said Amari has so far billed PRA at least P10 billion, which the agency would verify and audit.

“PRA intends to reimburse the audited amount as part of project cost to be charged to whoever will implement the project or will occupy and use the site,” she said.

Domingo said the revitalization of PRA projects outside the Bay City—where the SM Mall of Asia stands—was also being made in the wake of the PRA’s declaring 2007 as a “banner year” as it registered a record revenue of at least P1.4 billion.

She said the PRA generated P590 million in tax payments last year and has remitted about P500 million to the National Treasury in 2007.