THE Philippine Reclamation Authority (PRA) is poised to develop a 655-hectare reclaimed area in Manila Bay — covering portions of Manila, Pasay, and Parañaque — designed to unlock economic potential well beyond the term of President Ferdinand Marcos Jr., the agency said.
PRA Chairman Alex Lopez said the large-scale reclamation project is envisioned as a long-term economic platform that will continue generating employment, investments and public revenues long after the current administration, forming part of a wider strategy to establish multiple regional economic hubs nationwide.
“This project is meant to benefit not just this administration, but future generations,” Lopez told The Manila Times in an interview, adding that the initiative is structured to proceed without adding to the national government’s debt burden.
Lopez said the Marcos administration’s economic strategy is anchored on leveraging the country’s inherent strengths and resources rather than relying on increased borrowing.
“Zero expenditure, no burdensome additional cost to the public treasury, as instructed by the president,” he said.
The PRA Board, led by Lopez, presented the initial concept of the Manila Bay reclamation project to President Marcos last Jan. 20.
Under the master plan, the project includes the construction of 88 kilometers of new roads, 102 drainage systems, 15 bridges, and 22 kilometers of easements designed to mitigate flooding risks and ensure long-term sustainability and accessibility.
Around 200 hectares of the reclaimed area will be allocated for parks and open spaces to promote a livable urban environment, while ensuring compliance with environmental laws and regulatory standards, the PRA said.
Initial estimates place the total infrastructure cost of the reclamation developments covering the cities of Manila, Pasay, and Parañaque at more than P400 billion, to be implemented in several years.
Lopez said the PRA’s improved financial standing positions the agency to support large-scale developments without resorting to additional government borrowing.
Audited figures show the PRA’s Net Income After Tax rose to P17.104 billion in 2023 and further increased to P29.900 billion in 2024.
The agency also reported a 483-percent increase in the valuation of its property assets over two years — from P142.02 billion in 2022 to P205.75 billion in 2024.
The PRA attributed the increase largely to accounting and policy reforms, including a shift from the cost model to the fair value model in valuing investment properties, which it said corrected and updated asset recognition.
Separately, the PRA said its revenues climbed from P2.7 billion in 2022 to P20.9 billion in 2024, based on official financial documents.
