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PRA clears CLI’s P20 billion Cebu reclamation project

Iris Gonzales (The Philippine Star) - June 12, 2021 - 12:00am

MANILA, Philippines — The P20-billion Minglanilla Techno-Business Park or  the Ming-Mori reclamation project in Cebu has received the green light from the Philippine Reclamation Authority to proceed.

The project is a joint venture between the local government of Minglanilla in Cebu and Ming-Mori Development Corp., an affiliate of listed Cebu landmasters Inc. (CLI).

PRA  administers all reclamation projects nationwide.  Approval of the development indicates that the government has thoroughly evaluated the undertaking.

“The project will take CLI to a brand-new level and widen the range of our customer base to include light-industrial and technology-driven companies,” said CLI chief executive officer Jose Soberano III.

“We aim to achieve a balanced and mutually supporting relationship between urban mixed-use development, light-industrial land use and environmental stewardship. This will be our formula for sustainable growth and development, he said.

Soberano said the project is one of CLI’s biggest projects so far.

Because of the scale of this project that will take several phases to develop, we have carefully and meticulously planned it to be sustainable and supportive of future generations, he said.

Last year,  the Ming-Mori project was issued an environmental compliance certificate (ECC) after more than five years of rigid and comprehensive review.

CLI has boosted its war chest to develop and manage the high capital project, successfully securing P3 billion notes at a very competitive rate to fund early works for Ming-Mori beginning in the fourth quarter.

Trumpeting the viability of the project, Soberano said the estate’s proximity to Cebu City makes it a highly viable location for light manufacturing industries especially now that the province’s main industrial parks are fully occupied.

Ming-Mori, which will also have its own port facilities to link it with the global economy, will be developed in phases with the first phase to include commercial, residential and institutional zones “to create enough diversity to make it a vibrant community at the outset,” Soberano said.

TECHNO-BUSINESS PARK
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