PRA greenlights CLI's Cebu reclamation project

Published October 6, 2021, 4:50 PM

by James A. Loyola

The Philippine Reclamation Authority has issued a final Notice to Proceed for a 100-hectare reclamation project where Cebu Landmasters Inc. (CLI) plans to develop a P20 billion business park.

In a disclosure to the Philippine Stock Exchange, CLI said the reclamation project is being proposed by the Municipality of Minglanilla, Cebu in partnership with Ming-Mori Development Corporation (MMDC), a subsidiary of CLI.

37069

In its Resolution 5389 series of 2021, the PRA Board of Directors unanimously approved the NTP, which will pave the way for the creation of a techno-business hub in Minglanilla with a fully integrated port facility.

The township development also features commercial, industrial, civic, and recreational components to create a thriving and self-sustaining environment. It is estimated to generate over 75,000 jobs in light manufacturing industries.

In August 2021, CLI increased its stake in MMDC to 80 percent in order to strengthen its position as developer and project manager of this township development.

Minglanilla and MMDC obtained project approval from PRA back in June, following a 5-year comprehensive review including the issuance of Environmental Compliance Certificate.

The process involved extensive consultation with a wide range of stakeholders as well as submission of development objectives demonstrating environmental responsiveness.

The bidding and awarding of contracts to contractors and suppliers is scheduled in the fourth quarter this year while actual reclamation is targeted by the first half of 2022.

Ming-Mori Techno Business Park is CLI’s third large-scale township project after those in Davao and Cagayan de Oro.

 
CLICK HERE TO SIGN-UP
 

YOU MAY ALSO LIKE

["business","stock-market-foreign-exchange","business"]
[2831062,2880717,2880714,2880699,2880695,2880681,2880646]