Parañaque City Mayor Edwin Olivarez yesterday proposed the setting up of a Special Investment District right inside the Entertainment City where world-class luxury hotels and prime entertainment destinations are located.
The move was in anticipation of the huge number of big ticket projects and investments that some of the biggest foreign investors and their local partners are making as the city gears toward becoming one of the major tourist and business hubs in the country.
As of latest count, business locators that have moved to the city have already reached at least 20,000 with an estimated annual gross sales of over P300 billion.
One of the top companies and world-class hotels that have decided to move and do business in Parañaque City is Solaire Resorts and Casino by Bloomberry Resorts Company, which is the first casino-hotel to open at the Entertainment City that sprawls across 8.3 hectares. It is envisioned as the ultimate leisure and gaming destination in the Philippines.
Another is the 6.2-hectare City of Dreams Manila Resort that has a total of six hotel towers as well as family entertainment amenities being developed by Melco Crown Philippines and Sy’s Premium Leisure Corp.
Then there is the Aseana City by Aseana Holdings, Inc. with a 204-hectare area of sustainable living and booming business community, as well as the Manila Bay Resorts by the Okada’s Tiger Resort Leisure and Entertainment (TRLE). The latter is a 44-hectare integrated casino-resort project composed of an indoor beach club, entertainment facilities, retail, and restaurants.
The Resorts World Bayshore City, meanwhile, is a joint venture between Andrew Tan and Malaysia’s Genting Group. It is a 31-hectare project that will house four new hotel brands namely, the Marriott, Sheraton, Hilton and Westin Hotel, casino and shops, and a more than 3,000-seater Grand Opera House, among others.
Not to be outdone, Ayala Land, Inc. will develop a 500,000-square-meter shopping mall, bigger than the 406,000 square meter Mall of Asia and hotel complex project.
In an interview, Olivarez, said there is a need for a specialized investment district to make it convenient and easy for investors and businessmen to conduct transactions and process documents that are usually done at the main city hall.
Olivarez explained that under the proposal, a satellite city hall office will be set-up in the area where it will perform the functions that the regular offices in the main city hall will do.
“The office can issue permits and provide national and local government services even as a police station and fire department will also be in that area, so that they can respond immediately during emergency situations,” Olivarez explained.
The city also has managed to post record tax collections for fiscal years 2013 and 2014 amounting to P1.041 billion and P1.342 billion, respectively.
Read more at http://www.mb.com.ph/specialized-investment-hub-eyed-at-entertainment-city/#hCU3W30Dxd72Pyk5.99