By Nestor P. Burgos Jr.
Inquirer Visayas Bureau

ILOILO CITY–Megaworld Corp. will pour an initial investment of P1.5 billion into its newly acquired 54-hectare property, where the old Iloilo airport used to stand.

Megaworld, which acquired the property in Mandurriao District for P1.2 billion, plans to build a business park here.

“This is our first major investment outside of Manila,” said Kingson Sian of Megaworld Corp. during Friday’s turnover ceremony at the Sarabia Manor Hotel and Convention Center. “This shows how much we are bullish and committed to Iloilo.”

Sian said the Iloilo site comprised half the land area of Megaworld’s other properties.

Iloilo City Mayor Jerry Treñas said Megaworld’s project is the single biggest investment in Iloilo City.

“This is a historic turnover,” said Treñas. “We will build a new city within a city.”

Megaworld is known for developing high-end properties including residential and commercial projects. Among its biggest projects are the Empire East Land Holdings Inc. and Empire East Properties Inc.

It was the only firm among prospective buyers that submitted a bid that met the P1.2-billion minimum price set by the government for the property.

Robinson’s Lands had submitted a bid of P1.09 billion; Empire East, P701 million and SM Prime, P435.79 million.

Megaworld plans to put up residential units; a hotel and convention center; commercial and retail stores; recreation centers and skills development facilities.

Sian said they are optimistic that Iloilo would become among the world’s top business process outsourcing centers.

Employment in call centers are expected to increase from the 200,000 workers in 2006 to a million by 2010, said Sian.

Key to the investment is the manpower supply that is expected to be fulfilled by the many colleges and universities in the city.

Finance Secretary Margarito Teves, who attended the turnover rites, said the Megaworld investment “shows that there is a lot of potential in Iloilo.”