CEBU CITY, April 8 (PNA) — The Cebu Provincial Board (PB) has approved Cordova town’s proposed 1,500-hectare reclamation project which is estimated to cost PhP138 billion.
Cordova Mayor Adelino Sitoy said the PB approval allows the municipal government to negotiate with project proponent SM Prime Holdings Inc. (SMPHI).
Sitoy said the project will be undertaken through a public-private partnership (PPP) scheme under a joint venture with SMPHI, his town and the Cebu provincial government.
SMPHI submitted its unsolicited proposal on Jan. 16, 2015 which the municipality, through Sitoy, accepted on March 3, 2015.
The Cordova PPP selection committee determined the proposal as complete and beneficial to the municipality, Sitoy said.
“As far as Cordova is concerned, we have already done the process and we have endorsed the matter to the Provincial Board,” he added.
He said the Cebu Provincial Reclamation Authority (PRA) is set to process the pertinent documents on the project.
Sitoy said the PRA will then endorse the matter to the PB preparatory to the joint endorsement of the project to the Philippine Reclamation Authority and to the National Economic and Development Authority (NEDA).
Sitoy said Cordova has a total land area of less than 800 hectares. But its biggest asset is the 3,500 hectares of foreshore area, of which 1,500 hectares will be reclaimed.
Sitoy said once materialized, the project would be the biggest reclamation in the country.
“SM has promised to make Cordova the most beautiful city in the country,” he said.
Sitoy said that one of the plans of SMPHI is to establish a port for cruise ship with a capacity of 5,000 tourists. (PNA)