By Malou M. Mozo and Madel Sabater Namit
February 20, 2013, 8:03pm
LAPU-LAPU CITY, Cebu – President Benigno S. Aquino III vowed to “maintain” a “business environment” that will further attract more investments in the country and could propel the domestic economy to higher levels.
The President made this assurance at the inauguration of Mactan Newtown, a 20-hectare township development project of Megaworld Corp. on the back of the announcement by Andrew L. Tan, chairman and chief executive officer of the real estate firm, that he will double the investments for its first project in Cebu to P20 billion spread in the next five to seven years.
“Across all sectors, our administration, in the coming weeks, months, and years, will continue giving you reasons to invest in the Philippines and to stay in the Philippines – and so will the Filipino people, as they always have. We will maintain the business environment that has led to investments like this,” the President said.
He stressed the government will continue to provide a level-playing field for both foreign and local investors “make it easier for companies to set up shop here, or to expand, as you are doing today.”
“Since assuming office, we have made a point to make it easier for companies to set up shop here, or to expand, as you are doing today. We are making sure that we provide competitive incentives to those investing in our priority sectors; and we are making sure that the keys to success in our country are hard work and innovation, and not simply a willingness to connive with crooks,” Aquino said.
He described the Mactan Newtown project as one sign of the country’s growing economy, which has vast trickle down effects from job creation to perking up activities of the other economic sectors.
“These projects are helping to grow the economy in ways that can be felt by ordinary people. Once this is completed, many of the businesses that will be established here will create tens of thousands of jobs for the local community both direct and indirect,” Aquino said.
He expressed optimism that more similar infrastructures will rise outside Metro Manila.
Driven by the strong optimism in Cebu’s economic landscape, Tan said Megaworld, one of the country’s leading real estate players, has doubled its investment from P10 billion to P20 billion for Mactan Newtown, a sprawling mixed-use commercial development expected to be completed within the next six years. It aims to duplicate Eastwood City in Libis, Quezon City, which is a mix of residential, and office condominiums, malls, hotel and business process outsourcing (BPO) centers.
“In the next five to seven years, we are investing P20 billion pesos in this township to build luxury residential condominiums, office towers, a world-class lifestyle mall, our very own Richmonde Hotel and soon- a sports and leisure facility,” Tan said.
The Mactan Newtown is said to be the biggest project so far of Megaworld in the southern Philippines. The township is inspired by the “live-work-play” concept. For this specific project, Megaworld has partnered with the Philippine Retirement Authority, allowing foreigners who want to retire at the Mactan Newtown to get a special resident retiree’s visa.
Aquino lauded Megaworld’s big ticket investment as it reinforces the Philippines’ capability to lure more investors both foreign and local. The President said that infrastructure projects like Mactan Newtown is a viable checkpoint for the Philippines having been recognized as “the next tiger of Asia.”
“Projects like this are valuable checkpoints for us — showing that, indeed, we have made progress. We are extremely thankful to companies like Megaworld — for nourishing the Philippines towards becoming the next Asian Tiger, by actually opening their checkbooks to make serious bets on our country. Nothing says confidence like P10-billion in investments. Nothing says confidence like planning to complete up to 14 buildings in the span of less than three years,” he said.
The President also expressed hope that he will lead the inauguration of the Mactan Newtown before the end of his term in 2016 and make a tour of the area as a regular tourist when he steps down in 2016.
“I am hopeful that this complex can be finished ahead of schedule — hopefully before July in 2016 — so that I can pay another visit to this beautiful place during my term, and if that isn’t possible, perhaps I can do so as a regular tourist and I can spend a lot more time here,” Aquino said.
According to Tan, a new residential cluster will be launched this year.Two luxury residential condominiums were launched in 2012- 8 Newtown Boulevard and One Pacific Residence-both are already sold out mostly to Japanese retirees.
As a cyberpark, Mactan Newtown is expected to generate employment for 25,000 full-time BPO workers in the next five to seven years.
“Two BPO companies- EnfraUSA and Results Manila, are ready to start their operations by April,” Tan said, adding that both are first-time locators in Cebu and will employ a combined 1,400 workers.
These companies will occupy the five-story One World Center, the first office tower to rise in the township.
Jericho Go, Megaworld first vice president for business development and leasing group, said that with the first office building already fully leased out, Megaworld will begin construction of its second BPO tower — Two World Center — this year, and is slated for completion in the first quarter of 2014.
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