A proposed public-private partnership (PPP) to turn the Cultural Center of the Philippines (CCP) complex into a “smart city” has taken a step forward, having secured support from a funding facility set up to develop bankable projects.
The CCP Asset Development Project, along with the unsolicited Davao Sasa Port Modernization Project and the Development and Maintenance of the General Santos Port Project, have been approved for Project Development and Monitoring Facility (PDMF) support, the PPP Center said in statement on Monday.
All three proposals will receive project development, transaction advisory and competitive challenge management support from PDMF, a revolving fund established during the previous administration as a means of facilitating infrastructure projects.
The PDMF Committee issued the approvals last Friday, the PPP Center said.
The CCP project calls for the redevelopment of a 57.08-hectare area within the 88-hectare complex, which currently houses the Tanghalang Pambansa or National Theater, Folk Arts Theater, Philippine International Convention Center and Sofitel Philippine Plaza Manila, among others, into a “smart city composed of iconic buildings envisioned to serve as venues for various cultural and artistic endeavors.”
“The approved PDMF support for this project includes the development of a feasibility study and project assistance and advisory from procurement to financial close,” the PPP Center said.
The CCP, which owns 66.4 hectares of the complex, states on its website that 57.8 hectares of its property can be developed. Its plan calls for the development of six clusters that will house buildings such as the Arts Museum of the Philippines, Museum of Philippine Arts, a film complex, artist/cultural resource centers and several theatres.