PH to lose P432B with suspension of Manila Bay reclamation projects
HOUSE committee on ways and means chairman and Albay 2nd District Rep. Joey Sarte Salceda said Monday the government may lose up to P432 billion in tax revenues if the suspension of reclamation projects in Manila Bay will last for five years.
“Malaki na ang nalulugi sa gobyerno dahil sa suspension. Ang estimate po namin within five years kasi karamihan diyan one-time transaction hindi ba? Umaabot po ng P432 billion at iyung lugi lalong-lalo na ang mga nakapagsimula na. Maganda ang kakayahan [ng mga proyekto] na makapagdag ng trabaho,” Salceda told reporters in an ambush interview after his panel’s briefing attended by officials of the Philippine Reclamation Authority (PRA).
During the briefing, Salceda said the reclamation project has been a “standard practice” in the largest cities in the world.
In particular, Salceda cited Tokyo whose 20 percent of its bay has been reclaimed while 22 percent of Singapore’s land area underwent reclamation where one-third of its reclaimed land was utilized for socialized housing projects.
He said 25 percent of developed land in Hong Kong has been reclaimed where 27 percent of its population resides in the area while 70 percent was used for business ventures.
“Reclamation is inevitable when developing large metropolitan cities bound by the sea, and Metro Manila is now the world’s most densely populated megacity. Reclamation is standard practice among the world’s largest and most successful cities. 20 percent of what used to be Tokyo Bay has been reclaimed to accommodate the growing needs of the Tokyo Metropolitan Area. 22 percent of the total land area of Singapore is reclaimed, with around one-third being devoted to the city-state’s world-famous socialized housing projects. 25 percent of Hong Kong’s developed land was reclaimed, and this land houses around 27% of Hong Kong’s population and 70% of its business activities,” Salceda said.
“Reclamation projects offer immense economic opportunities, and hence, offer opportunities to expand fiscal space. Through the years, I have been a key proponent of using reclamation development rights as a revenue-generating measure,” he said.
Last August, the government ordered the suspension of all 22 reclamation projects in Manila Bay pending a review of their compliance with environmental regulations.
