In a bid to make the country as the next Macau, President Gloria Arroyo has declared a parcel of land in Parañaque City that is being groomed as Asia’s gaming capital.
Mrs. Arroyo signed Proclamation 2019 declaring the Bagong Nayong Pilipino–Entertainment City a tourism economic zone to attract more foreign investors.
Converting the property into an economic zone would enable locators to enjoy perks such as exemptions from certain taxes.
Director-general Lilia de Lima of the Philippine Economic Zone Authority said the government allow foreign ownership in full as long as the industry is not included in the negative list drawn up by Malacañang.
Mrs. Arroyo issued the Eighth Regular Foreign Investment Negative List contained in Executive Order 858 on Feb. 5 stated that foreign investors may enter the local gambling sector for up to 40 percent equity and in any combination if they have outstanding agreements with the Philippine Amusement and Gaming Corp. and are situated in economic zones.
The reclaimed Pagcor property measuring 656,707 square meters, is being developed as a tourism and casino center with spaces allotted to a retirement village, hotels, residential and office condominiums, commercial centers and casinos.
The first phase of the multi-billion dollar project is expected to be completed within the next two years, as private real estate firms have already poured in investments with gaming firms from various countries lining up as zone locators.
Bagong Nayong Pilipino is touted as the country’s answer to Macau, which holds the distinction as Asia’s casino capital.
Pagcor said the complex was designed for more than a million new tourists yearly, projecting employment for at least 40,000 Filipinos “whose income levels will be “at par with other hotel casino complexes in the region and whose salaries will be in United States dollars” during initial operations.
“In addition to the direct employment, indirect employment of support operations could amount to 150,000 additional jobs,” Pagcor said in a statement.
“Upon full implementation, it could triple the present annual income generation of Pagcor from $500 million to $1.5 billion, thus dramatically increasing the income of the national government.”
