EEI bags P15.7-B Manila Bay exhibition center project
Listed construction firm EEI Corp. is set to build the largest exhibition and convention center in Southeast Asia for P15.7 billion, a move seen to pave the way for better trade promotion and foreign investments.
EEI on Monday said it had received the Notice of Award from the Department of Public Works and Highways (DPWH) to design and construct the first phase of the 269,000-square-meter (sq m) Philippine International Exhibition Center (PIEC) on Pasay Harbor City, a reclaimed island along Manila Bay.
“The [PIEC] is a massive project that is poised to make a meaningful contribution to the economy,” EEI president and CEO Henry Antonio said in a stock exchange filing.
The DPWH unveiled plans earlier this year to build PIEC, which will become the Marcos administration’s flagship meetings, incentives, conferences and exhibitions (MICE) project, saying it would help promote trade and economic development while boosting foreign investments.
Once built, PIEC will become the largest exhibition and convention center in Southeast Asia, exceeding the size of the 220,000-sq m Indonesia Convention Exhibition.
The first phase of the PIEC project includes detailed engineering and design, foundation and architectural and structural work. It is seen to host both local and international events, EEI said.
“This will be an opportunity for us to showcase Filipino creativity and overall strength of the construction industry in the Philippines, although recognizing some materials that we will inevitably have to import, we are conscious to maximize Filipino content in the building of this iconic landmark,” Antonio noted.
This is the second major MICE facility that is set to be built within the Bay area after SM Prime Holdings Inc.’s SMX Center for International Trade and Exhibitions.
The 265-hectare Pasay Harbor City is a reclamation project of Davao-based businessman Carlos Gonzales’ Uticon Builders. It is one of the only two Manila Bay reclamation projects that the government has allowed to proceed amid concerns on environmental impact.
The PIEC will be built on the area earmarked for the Philippine Reclamation Authority. In every reclamation development, 51 percent goes to the private proponent while 49 percent is kept by the government.
Real estate broker Colliers Philippines earlier noted that there was a projected “exponential rise” in demand for MICE facilities as more business and leisure travelers flocked to the country after recovering from the COVID-19 pandemic.
