NEDA approves new Nayong Pilipino PPP
The Philippine National Economic and Development Authority (NEDA) Board has announced it has approved the New Nayong Pilipino at Entertainment City Public Private Partnership (PPP) project after it was endorsed by the Investment Coordination Committee.
The newly approved PPP project is a tourism-oriented facility, which includes an integrated resort, casinos, shopping malls, fine dining restaurants and residential areas. It is envisioned to be the top-of-mind destination for foreign and local tourists who want to experience what makes the Philippine nation and culture unique and more fun.
The planned cultural theme park of the Department of Tourism (DOT) and Nayong Pilipino Foundation (NPF) will be an experiential and creative showcase of the various elements and dimension of the Filipino culture, identities and traditions spanning past and contemporary periods.
The winning private partner will Build-Transfer-Operate-and-Maintain (BTOM) the project with a cooperation period of 23 years which includes a 3-year construction period.
It will cover 120 hectares of reclaimed land at the southeastern part of Manila Bay and generate employment for close to half a million in Parañaque and neighboring areas.
The project cost amounts to PHP1.47 billion (US$32.75 million).
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