Isko Moreno eyes ‘next BGC’ as source of new revenues
Manila Mayor Isko Moreno (FILE PHOTO)
DAGUPAN CITY, Pangasinan — Manila Mayor Francisco “Isko Moreno” Domagoso wants to retire Ninoy Aquino International Airport (Naia) and turn it into “the next BGC (Bonifacio Global City)” to raise new funds, if he wins in May.
“It’s just my wild imagination, but it is possible. It is not impossible,” Domagoso said in Filipino after a town hall meeting with Pangasinan folk at Stadia in this northern city.
Besides, the mayor said, Naia would be superfluous once the new Manila International Airport project in Bulacan starts operating, along with the already-running Clark International Airport.
The 47-year-old former actor cited the Naia project as an example of how he plans to make use of the government’s nonperforming assets, particularly idle lands, to generate revenue, especially with the public coffers depleted by the pandemic.
“I will sell it and let the private sector develop it. That will create more jobs, create more development and allow the government to gain financially, to support our expenditures and plans and programs,” he said.
Article continues after this advertisement“That is the logic of the velocity of money, where the money will keep circulating,” Domagoso said, adding that it didn’t make sense to have three international airports in Luzon operating so close to each other.
Article continues after this advertisement“Then I would rather have Megaworld, SMDC, Federal Land, and all those real property or banking institutions [come in]. They have so much cash; their money is just sleeping,” he said.
“Then I will invite them to create and dispose of, for example, the 600 hectares of Naia, and create a 400-ha development and 200 ha of open green space in Naia. And that will create trillions,” Domagoso said.
“In the next 10 years, you are now creating a BGC. You are now creating a Macapagal Avenue area. A new development that we can offer to the Taiwanese who want to maybe migrate or Hong Kong nationals or other foreign nationals who want to migrate and live with us,” he said.
Domagoso earlier presented a 10-point economic agenda focusing on the housing, education, labor and employment, health and tourism sectors.
But he gave scant details on where the money to fund his projects would come from. In February, the mayor only said funding his ambitious projects would require good governance and prudent use of resources.
The country’s next president would face a staggering amount of debt.
The Philippines’ outstanding debt stood at P11.7 trillion as of the end of 2021, up by a fifth from a year ago, according to the Bureau of the Treasury. The debt-to-GDP ratio, which measures the government’s gross debt as a percentage of the gross domestic product, increased to 60.5 percent last year.
Asked by the Inquirer what he considered to be an acceptable level of debt, Domagoso gave an opaque response.
“The acceptable level of debt is based on capacity to pay. For me, I don’t mind. It will create more jobs and support industries, doing something to circulate money. For example, vertical development creates industries that will favorably benefit from it,” he said.
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