LAPU-LAPU CITY, Feb 20 (Mabuhay) — President Benigno S. Aquino III attended Wednesday the grand launching of the Mactan Newtown of the Megaworld Corp. as he assured investors that his administration will continue to level the playing field for businesses.
In his message during the launching ceremonies of the project, the President expressed his gratitude to Megaworld for trusting the government and putting one of its investments in Lapu-Lapu City.
“Since assuming office, we have made a point to make it easier for companies to set up shop here, or to expand, as you are doing today,” the President said.
“We are making sure that we provide competitive incentives to those investing in our priority sectors; and we are making sure that the keys to success in our country are hard work and innovation, and not simply a willingness to connive with crooks,” he added.
The Mactan Newtown is a valuable gauge for the government to know that it has been making progress, he said adding that this kind of project is helping to grow the economy in ways that can be felt by ordinary people.
Once the project is completed, many of the businesses that will be established in Mactan Newtown will create tens of thousands of jobs for the local community both direct and indirect, the President said.
One of the major beneficiaries of Megaworld’s project is Cebu’s tourism sector, according to the President. The project will provide the rooms for the government to reach its target for domestic and international tourists.
The Department of Tourism has raised the 2016 domestic tourism target to 56.1 million travellers. By that time, the President said he expects that the country will need more than 37,000 additional rooms in its destination clusters, including Cebu.
In June last year, the President signed Proclamation No. 407 declaring the Mactan Newtown as a mixed-use special economic zone for information technology, tourism and retirement under the Philippine Economic Zone Authority (PEZA).
The township, consisted of luxury residential condominiums, office towers, and world-class mall, is inspired by the “live-work-play” lifestyle concept that Megaworld has pioneered in the Philippines.
Megaworld Corp., one of the country’s real state giants, said it is investing P20 billion within the next five to seven years for its more than 20-hectare township development in Lapu-Lapu City.
The company said its cyberpark at Mactan Newtown is expected to generate employment for 25,000 full-time business process outsourcing (BPO) workers within five to seven years. (MNS)