MANILA -- A Hong Kong-based company has insisted that the contract it signed with the sacked board of trustees and management team of Nayong Pilipino Foundation (NPF) remained valid and still bound the Philippine government.
In a statement, Landing International Development Ltd. said its lease contract with NPF “is still valid and effective” despite President Rodrigo Duterte's firing of the entire board and management team of NPF.
According to Presidential Spokesperson Harry Roque, Duterte said the lease agreement of NPF for its property is “grossly disadvantageous” to the government as it will lease it initially for 70 years.
“From the Group’s view point, the recent decision of the Philippine government to replace members of the NPF board of trustees did not affect the validity of the subject contract of lease,” the company said.
“Unless the lease contract is cancelled or nullified on legal grounds by the courts, Landing has reason to believe that it is a valid leaseholder and can legally proceed with its project,” it added.
Landing International said the lease contract with NPF is for a period of 25 years only starting from the date of execution of the contract.
On Tuesday, Landing International held the groundbreaking ceremony for NayonLanding, its first integrated resort development in the Philippines.
Then NPF Chairperson Patricia Ocampo attended the event and even delivered her speech. This happened while Roque was holding a press briefing in Malacañang Palace, wherein he announced the sacking of the entire NPF board.
Landing International is the developer of Jeju Shinhwa World, the only integrated resort on Jeju Island and one of the largest integrated resorts in South Korea, which opened in March 2018.
In a media briefing, Landing International Chief Operating Officer and Landing Jeju Development Ltd. Chief Executive Officer Jay Lee said the company's integrated resort in Jeju Island has “changed the landscape of tourism in Korea,” and it intends to do the same in the Philippines. “With the integrated resort, our primary objective is to drive tourism,” said Lee.
Lee said the integrated resort will be composed of one of the world’s largest indoor theme park and waterpark; luxury hotels and resort with more than 1,500 rooms; casino; meetings, incentives, conferences, and exhibitions or MICE facilities; and retail, as well as food and beverage outlets.
He noted that NayonLanding targets to attract additional two million to three million foreign visitors to the Philippines when it completes the project by first quarter of 2022. It will also generate at least 10,000 direct and indirect employment, Lee added.
Despite the fact that the Duterte administration imposes moratorium on casino operations, Landing International pushes through with the project after obtaining a provisional license for its gaming operation from the Philippine Amusement and Gaming Corp. (PAGCOR).
Lee pointed out that the integrated resort’s core business is not its casino operation but the non-gaming business -- theme park, waterpark, and MICE facilities. He said the firm projects only that one-third of its revenue will be generated from the gaming business. (PNA)
