BIZ BUZZ: Project reboot, $500-M exhibition center

Conversations about it have quieted for a while but we now hear that the Philippine International Exhibition Center (PIEC) pet project of first lady Liza Marcos is a go, albeit plans have dramatically changed.

First, reliable sources intimated that the Bangko Sentral ng Pilipinas is “no longer involved” in the project, earlier estimated to cost $500 million.

Our central bankers must have heaved a sigh of relief, as the structure, no matter how magnificent (latest concept video is reminiscent of Singapore’s Gardens by the Bay), has nothing to do with their mandate of maintaining monetary and price stability “conducive to a balanced and sustainable growth of the economy and employment.”

Several sources told Biz Buzz that the development of PIEC, planned in preparation for the country’s hosting of the Association of Southeast Asian Nations Summit in 2026, would now be spearheaded by the Department of Public Works and Highways.

Another significant deviation from the old plan is where the PIEC will be built. Previously, it was to be located at the CCP complex. To recall, some feared it would compromise future expansion plans for the World Trade Center Metro Manila, another state-owned exhibition venue just two kilometers away.

The buzz is that PIEC will now be located at the 265-hectare Harbor City, touted as “The Manhattan of Manila Bay.” This is the reclamation project of Davao-based businessman Charlie Gonzales of Ulticon Builders.

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Harbor City is one of the only two Manila Bay reclamation projects (the other one is that of SM Prime) that the government has allowed to proceed amid concerns about environmental harm and security threats raised by no less than the US embassy, which is within the same neighborhood.

Incidentally, we hear that Gonzales has started pre-selling commercial lots at his reclamation project ahead of the SM group. With PIEC gracing his backyard, one may presume that Gonzales, despite his well-known Davao connections, is emerging from the Uniteam breakup unscathed.