Entertainment City Manila to be Built in Paranaque City
Entertainment City Manila, Philippine Amusement and Gaming Corporation’s (PAGCOR’s) biggest tourism and entertainment project, will be constructed in Paranaque City, Manila.
Paranaque City Mayor Florencio Bernabe signed recently Resolution 188 to endorse PAGCOR's project.
With the resolution drafted by the Paraòaque City council, PAGCOR’s project will be accorded the benefits available under Republic Act No. 7916, otherwise known as the Economic Zone Act of 1995.
Under this agreement, PAGCOR’s multi-billion Peso project will occupy some 150 hectares of land along Paranaque City’s reclamation area to beef up the country’s entertainment and tourism potential.
The project will also be hailed as a special investment district, which will provide project locators with economic incentives such as tax holidays.
Also, the local government was given an assurance that 40 percent of the Entertainment City Manila’s workforce will be residents of Paranaque City.
On the other hand, PAGCOR’s President and Chief Operating Officer (CEO) Rafael Francisco, said that once built, Entertainment City Manila can be a good source of revenue for the government.
"On the employment aspect alone, the project is expected to generate as many as 450,000 jobs for Filipinos.
This excludes the jobs that may be generated while the construction of the Entertainment City is on-going," Francisco said.
He added, “Apart from the huge employment opportunity that the project may generate, we hope to create more than 7,000 rooms for local and foreign tourists in the next five years.
With improved amenities and infrastructure, our country can accommodate more tourists and eventually welcome bigger inflow of investments.”
Meanwhile, Bernabe expressed his enthusiasm in the project due to the employment opportunities available for his constituents.
“With the ongoing economic crises anywhere in the world, it is so hard to be unemployed.
We have to create more jobs for the Filipinos and try to be open to the opportunities that come our way,” he said.
Recently, PAGCOR granted licenses to two of its four major investors in the Entertainment City Project.
Japan-based Aruze Corporation, the leading manufacturer of gaming machines worldwide and co-investor in the Wynn’s chain of casino hotel in Las Vegas and Macau, had just complied with the requirements set by PAGCOR and the Philippine government.
Also, the first investor in the Entertainment City Manila project that was granted a license was Star Cruises, a subsidiary of Malaysia’s Genting Berhad Group and Alliance Global Incorporated.
