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CEBU Landmasters, Inc. (CLI) on Wednesday said it has received the final notice to proceed from the Philippine Reclamation Authority (PRA) to start the reclamation in Minglanilla, Cebu for its techno business hub.
“In its Resolution 5389 series of 2021, the PRA Board of Directors unanimously approved the NTP (notice to proceed), which will pave the way for the creation of a techno-business hub in Minglanilla with a fully integrated port facility,” CLI said in a disclosure to the exchange.
Ming-Mori Development Corp. (MMDC), which CLI has an 80% stake in, and the municipality of Minglanilla will be working on a 100-hectare “island type” reclamation project called the Ming-Mori Techno Business Park.
The bidding and the awarding of contracts to contractors and suppliers for the project is slated for the fourth quarter. CLI said it is targeting to begin the reclamation within the first half of next year.
The Ming-Mori project also received project approval from the PRA in June after a five-year review. It also has an environmental compliance certificate from the Department of Environment and Natural Resources (DENR).
“The process involved extensive consultation with a wide range of stakeholders as well as submission of development objectives demonstrating environmental responsiveness,” CLI said.
The P20-billion techno business park will have its own port facility as well as commercial, industrial, and recreational centers. CLI said it anticipates the project to generate over 75,000 job opportunities in light manufacturing industries.
CLI increased its stake in MMDC in August to 80% to “strengthen its position as developer and project manager of this township development.” The Ming-Mori Techno Business Park will be CLI’s third large-scale township development after its projects in Davao and Cagayan de Oro.
On Wednesday, shares of CLI at the stock market went up by 1.37% or four centavos to close at P2.97 apiece. — Keren Concepcion G. Valmonte