Pasay City OKs SM Land’s Manila Bay reclamation project

Tycoon Henry Sy's SM Land Inc.'s  proposed P54.5-billion Manila Bay reclamation project got the go signal from the Pasay City Council on Monday.

In an 8-5 vote, the city council voted in favor of the continuation of SM Land's proposed reclamation and development of around 300 hectares in the foreshore and onshore areas of Manila Bay at the western part of the jurisdiction of Pasay City.

The new resolution states that the project will be awarded to SM Land through a Joint Venture Agreement with the Pasay City government.

Of the total land to be reclaimed, SM Land said 51 percent or 153 hectares including roads and open spaces would be allocated to the Pasay City government or the Philippine Reclamation Authority (PRA).

Two weeks ago, the Pasay City council recalled the deal with SM after Ayala Land Inc. (ALI) and S&P Construction Technology lodged protests, citing supposed irregularities in the bidding process.

ALI earlier asked the Pasay City government to extend the time for others to file a counter-bid, but the local government stuck to its deadline.

ALI also pointed out that the Pasay City government's bidding rules were made using the "old" Guidelines and Procedures for Entering into Joint Venture by the National Economic and Development Authority.

On Nov. 15, the city government and SM Land signed the joint venture deal, but Severino Madrona Jr., Pasay’s Public-Private Partnership (PPP) Selection Committee vice chairman, said the project will still have to go through regulatory agencies before proceeding. — SOA/BM, GMA News