Manila eyes financial center by the bay

THE CITY government of Manila is seeking investors for its proposed financial center, a multibillion-peso project that will add a slice of Makati to the city.

Speaking before members of the Philippine Chamber of Commerce and Industry on Friday, Manila Mayor Alfredo Lim said a 20-hectare property at the back of the Manila Hotel has been identified for development into a financial center similar to Makati’s.

The property, which is under the jurisdiction of the Philippine Ports Authority, is now occupied by dilapidated warehouses. It is right across from the Intramuros golf course and has a view of the Manila Bay at the back.

Lim said that this project was first proposed to former President Ramos, then to former President Arroyo, and a proposal was also submitted to President Benigno Aquino III, who referred it to his staff for review.

“We need the approval of Malacañang for this as the property is owned by the national government. After that, we can proceed. We’re inviting investors to build this financial center,” he said, adding that the project could be undertaken under the public-private partnership scheme.

The city government has yet to conduct a feasibility study on the project, choosing to leave this aspect to the private investors who would be interested in undertaking the development.

Lim said the Manila city government was flexible enough and amenable to whatever the private sector would have in mind for the proposed project.

Structures to be built within the proposed financial center, he said, could stand at least 30 stories and go as high as the developer wanted, maximizing the available space in the area.

This was expected to spur the construction of new condominium and office buildings in Manila, similar to the Makati skyscrapers, he said.

He said that there was a time when nobody wanted to construct buildings in Manila due to an ordinance that limited the height of structures to just 19 stories. Abigail L. Ho