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CLAIMING that reclamation offers not only an essential means of urban expansion but also substantial economic opportunities, an economist-lawmaker estimated on Monday that at least P23 trillion in land sales will result out of the 14 approved reclamation projects off Manila Bay, “enough to retire the country’s debt.”
“It’s a great way to raise revenues without raising taxes. We already considered funding the military pension system out of reclamation rights during the time of PNOY . But the idea was ultimately shelved because most reclamation projects are local government projects,” Salceda added. Salceda added that Singapore, on the other hand, has reclaimed around 22 percent of its total land area, with one-third allocated for socialized housing projects. Meanwhile, Hong Kong has reclaimed 25 percent of its developed land, housing 27 percent of its population and serving as a hub for 70 percent of its business activities.
He cited examples of discussions during the 18th Congress on the Military and Uniformed Personnel Pension Reform and the funding of the Maharlika Investment Fund, where reclamation rights were considered assets for economic infusion. The fiscal framework will also include adjustments to the dividend remittance policy of the PRA, granting it relief from the requirement of the Dividend Law that the GOCC should remit 50 percent of its net earnings to the Treasury.
For Filipinos and foreign individuals, Literal said the reclamation projects open doors to a broader spectrum of career opportunities, as the establishment of new cities and business districts results in the creation of countless job prospects.
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