Planned Manila Bay reclamation projects seen to generate P432b

THE 14 approved Manila Bay reclamation projects which were put on hold over a suspension order by President Marcos can generate as much as P432 billion in national land taxes, include value added tax, capital gains tax, and documentary stamp taxes, according to Albay Rep. Joey Sarte Salceda.

Salceda agreed, however, that reclamation as a revenue source for the national government has not yet been maximized. According to Salceda, the reclamation project has been a “standard practice” in the largest cities in the world. Twenty percent of what used to be Tokyo Bay has been reclaimed to accommodate the growing needs of the Tokyo Metropolitan Area.

Salceda also praised President Marcos’s decision to “rethink reclamation so that we can have a truly serious national conversation on the costs and the benefits.”

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