SM Land Inc. yesterday said it remains fully committed to proceed with the Pasay  reclamation project after the surprise withdrawal of approval by the Pasay City government.

“We stand firm with our commitment to complete the 300-hectare reclamation project as stipulated in our joint venture agreement (JVA) with the Pasay City Government notwithstanding the reported recall made by the Pasay City Council of resolutions it earlier issued supporting and approving SM Land’s proposal,” said  Dave L. Rafael,  senior vice president of SMLI on the passage by the City Council of Pasay of Resolution No. 3059. 

Rafael said that while SM has legal remedies available, it still considers the  productive relationship it has developed and built with the Pasay City government and the council over the last 17 years. 

SMLI also said it is an active stakeholder and partner of Pasay City in  transforming the city into a vibrant business,  commercial, leisure and tourist destination that will rival other business districts within Metro Manila.  

SMLI is fully committed to complete this transformation and the deliberate and progressive growth and expansion of the Mall of Asia Complex is a clear testament of SMLI’s resolve to carry this through, the company said.  

With the additional 300-hectare reclamation project,  SMLI envisions to expand and replicate by three-fold the MOA Complex.

In the wake of Pasay City’s plan to undertake a reclamation project in Manila Bay, President Aquino signed Executive Order No. 146 last  November 13, delegating his power to approve reclamation projects to the National Economic and Development Authority (NEDA)  Board, which he chairs.

The EO essentially limits the Philippine Reclamation Authority’s role to processing, evaluating, and recommending the approval of proposed reclamation projects to the NEDA Board.

In a statement, the  Makati Business Club and the Management Association of the Philippines welcomed the EO  saying it is a  prudent response to public apprehension over the risks posed by proposed reclamation projects, most extensively along Manila Bay.

Amid geohazard warnings and an urban metropolis already straining the limits of its carrying capacity, this measure raises the development bar, requiring all ecosystem alteration to align with sustainable development goals,” MBC said.

“We believe that sustainable development is an indispensable component of inclusive growth. By strengthening the regulatory structure over the approval of these reclamation projects, EO 146 sends an encouraging signal that the national government is more conscious of pursuing a holistic approach to progress, one that balances the need to generate government revenue streams and employment with the protection of the environment and public safety.” It added.