Following the groundbreaking ceremony last April, Philippine Amusement and Gaming Corporation (PAGCOR) announces its terms for the government project Nayong Pilipino Manila Bay Tourism City, a fully integrated entertainment and gaming project. This 15 billion dollar massive tourism project is to rise in the reclamation site along Manila Bay in Parañaque City.
It will showcase facilities such as convention halls, high-rise luxury hotels, exclusive and family restaurants, state-of-the-art theaters, a marina, boardwalk, amusement parks, sports stadium, nursing homes, transportation hubs connected to major thoroughfares and a monorail system linked directly to international airlines. And an observation tower will be built, which will be among the tallest towers in the world.
This 120-hectare entertainment and tourism area will give the Philippines a competitive edge over its neighboring countries. The country is dubbed as Asia’s Gateway with more than 1 billion people under a four hour radius by plane. It’s also rich in natural tourist attractions that make the country more marketable. Efraim C. Genuino Chairman and CEO of PAGCOR said that the Philippines have so much potential but lack in infrastructure. Since the Philippines is the biggest exporter of man power worldwide the Philippines will never suffer a lack of manpower to maintain a project as big as this.
This project may be the economic miracle the Philippines has been waiting for. It’s a crucial turning point for the Filipinos. The project aims to put the country at the front of the tourism development and gaming industry, which is the two major sources of revenues of the nations worldwide. “In order for the country to develop economically, we really need tourism”, Genuino said. “And this project” he said in an interview, “will become the catalyst for economic growth.”
This multi-billion dollar project is said to generate 250,000 jobs, directly and indirectly, plus the supporting industries including constructions, medical services, entertainment industries and so forth. The projects’ Terms of Reference states that salaries must be paid in US dollars in agreement with Singapore and Macau standards. Genuino is hopeful that this will result in a reverse migration and will put a stop to the brain drain that the country is currently experiencing.