NayonLanding project to proceed despite sackings
The Hong Kong firm behind a questioned integrated resort development said the project would push through despite President Rodrigo Duterte’s sacking of the entire board of its Philippine partner.
Yesterday’s launch of the $1.5-billion NayonLanding project, to be built at the Entertainment City in Parañaque, was marred by Malacañang’s announcement that Duterte had fired the entire board of the Nayong Filipino Foundation (NPF).
(From left) Yang Zhihui, chairman and executive director of the Landing Group and Nayon Pilipino Foundation Chairperson Patricia Ocampo ready the time capsule during the groundbreaking ceremony
n of the NayonLanding Integrated Resort in Parañaque City on Aug. 7. PHOTO BY ANDREA DE LA CRUZ
Landing, in a statement, said: “From the Group’s view point, the recent decision of the Philippine Government to replace members of the NPF board of trustees did not affect the validity of the subject contract of lease.”
Presidential spokesperson Harry Roque said Duterte had sacked the board for agreeing to a “grossly disadvantageous” 70-year lease but Landing International said the deal between the NPF and unit Landing Resorts Philippines Development Corp. was only for a 25-year period.
“Unless the lease contract is cancelled or nullified on legal grounds by the courts, Landing has reason to believe that it is a valid leaseholder and can legally proceed with its project,” Landing International said.
During the groundbreaking, Landing International Chairman Yang Zhihui said the project would “highlight Manila as a modern global city with a rich history, culture, and heritage.”
As envisioned, the integrated resort will include an indoor cultural theme park and waterpark, approximately 1,500 luxury hotel rooms and a convention center with a 4,000 seater pillar-free grand ballroom, a shopping mall, and a casino.
Zhihui said that once opened, the integrated resort is expected to create up to 10,000 jobs and attract an additional 2 to 3 million foreigh visitors to the country.
Jay Lee, chief operating officer of Landing International said the company had pursued the project after Zhihiu met with Duterte during one of the latter’s overseas trips.
“Our chairman was able to meet up with the president more than a year ago. He (Duterte) welcomed foreign investors and then set us up with different department to help us look at suitable sites for what we intend to do here in Manila. This land that came about was through that process. I think the policies that were explained then and now are the same,” Lee said.
“For us, what we are focusing on is making sure that we successfully build this,” he added.
NPF Chairperson Patricia Ocampo, meanwhile, said she would abide by Duterte’s decision.
“In behalf of the board of trustees of the Nayong Pilipino Foundation, I would like to thank the President for having been given the opportunity to serve the Filipino people. It is regrettable that it has come to this, but we understand that we serve at the pleasure of the President,” she said.
Ocampo also denied allegations that the NayonLanding deal was tainted.
“I strongly deny accusations that there was graft and corruption. On the contrary, the lease contract with Landing International Development Ltd. is above-board and is highly advantageous to the government and to the Filipino people,” she said.
Ocampo said that monthly rentals were pegged at P360 per square meter and that the advance rental amount was set at P827.05 million.
On top of this, NPF will also receive an additional monthly rental equivalent to 10 percent of net profits after taxes, exclusive of the value-added tax.
“We negotiated what we believed then, and believe now, are most advantageous terms and conditions for the government and the people,” Ocampo said.
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