Century Peak picked to undertake PPP reclamation project in Cavite

MANILA, Philippines — A wholly owned subsidiary of mining firm Century Peak Metals Holdings Corp. is set to take a shot at a massive infrastructure project with reclamation component in the province of Cavite.

Century Peak Metals chief information officer Katrina Keng informed the Philippine Stock Exchange that its unit, Century Peak Corp. (CPC), and the province of Cavite have successfully concluded the detailed negotiations on the company’s unsolicited proposal for the reclamation of 1,333 hectares of land.

This paved the way for the issuance of a joint certification by Cavite Governor Jesus Crispin Remulla and CPC president Wilfredo Keng.

The certification further states that the terms and conditions of CPC’s unsolicited proposal would be subjected to a competitive challenge, pursuant to the Cavite Provincial Ordinance 002-5-2012.

“This agreement between the CPC and the Province of Cavite will be executed only if the project is awarded to CPC following a competitive challenge,” CPC said.

Under the joint certification issued by both parties, Century Peak would be entitled to 90 percent of the total net usable land of the reclaimed area leaving 10 percent for the government.

Cavite would also be entitled to other areas to be identified for the construction of a coastal highway.

The agreement provides at least 80 percent of the proposed reclamation project, which consists of five islands, should be completed within the period of six years from the time the government permits and clearances have been issued by concerned government agencies.

The Cavite provincial government, meanwhile, vowed to extend its full cooperation and assistance in helping Century Peak secure the necessary permits and clearances.

The infrastructure project with reclamation component would be under the public-private partnership (PPP) scheme and would have no cost to the government.