Property giant Ayala Land Inc. is set to open the country’s biggest commercial complex in Paranaque in 2017. The planned 600,000 square meter mall–which would be bigger than the SM Mall of Asia–will be built within the 100-hectare Entertainment City of the Philippine Amusement and Gaming Corp. (Pagcor). A business processing outsourcing building and a 12-story hotel will also be built within the property by Ayala Land.
Paranaque City Mayor Edwin Olivarez said that the addition of the new mall would add around P500-P700 million to the city’s revenue.
Ayala Land’s new mall will join two casino complexes that are already in operation in the area The City of Dreams and Solaire Resorts and Casino of Enrique Razon. Olivarez said that City of Dreams paid around P135.9 million while Solaire paid P55 million in real property tax last year. He said that real property taxes collected from these casinos contributed the biggest chunk to the city’s coffers.
“This is a clear affirmation of the soundness of our policy. We don’t need new taxes in Paranaque,” Olivarez said.
