ASEAN KEY DESTINATIONS
Philippines may follow Hong Kong model
Hong Kong enjoys a substantial amount of income from expanding its land area through reclamation projects, which in turn become part of their privatization program.
“We want reclamation projects to form part of our privatization program, which is seen [as a] sustainable [means of] generating income for the government,” DOF chief Purisima said.
As an archipelagic country, the Philippines has a wide area for reclamation projects, which can be passed on to the private sector for the right price, Purisima said.
When quizzed by legislators, the DOF chief, however, couldn’t provide an estimate on the likely revenues from such a venture.
Purisima also reiterated a call earlier made by Department of Trade and Industry Secretary Gregory Domingo for a halt to the creation of new economic zones.
Purisima said the existing ecozones have reduced the government’s tax base.
At present, the Philippine Economic Zone Authority has seven registered agro-industrial ecozones, 134 IT parks, 65 manufacturing ecozones, two medical tourism parks and nine tourism parks.
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