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Buildings and Structures Multi-use Structures Major Megaworld project gets tourism zone status
Buildings and Structures Multi-use Structures Major Megaworld project gets tourism zone status
| Major Megaworld project gets tourism zone status |
| Wednesday, 13 August 2008 19:46 | ||||||
 President Arroyo has granted a tourism economic zone status to the 24.5-hectare Newport City Cyber Tourism Zone project of property giant Megaworld Corp. in Pasay City.In her proclamation 1557, Mrs. Arroyo declared the Newport City CyberTourism Zone in Villamor Air Base, Pasay City as the country’s newest tourism ecozone pursuant to the provisions of the Republic Act 7916 or the Special Economic Zone Act of 1995, which gives the President the authority to designate parcels of land as economic zones. The project being developed by Megaworld, will include a deluxe airport hotel, a convention center and a service apartment. It will also contain sports and entertainment facilities while some portions of the zone will be used for residential and commercial purposes. The economic zone covers some 245,966 square meters and will be completed in 2009. Durano disclosed that the new tourism economic zone will create employment for some 12,000 Filipinos. Proposed developments inside the Newport City has a total project cost of P7.641 billion. Ma. Victoria Jasmin, head of the DoT Tourism Investments Promotions Group and the concurrent director of the Office of Tourism Standards, emphasized that the decision of the President to declare the development as an economic zone gives positive signals to prospective investors in the tourism industry.
Tags: Newport City Cyber Tourism Zone Megaworld President Arroyo Villamor Air Base Pasay City Special Economic Zone
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