PH to lose P26B in one-sided Nayong Pilipino deal with casino billionaire Yang Zhihui – Duterte niece
The Philippine government is expected to lose P26 billion in the one-sided lease contract with Landing Resorts Philippines Development Corp. (LRPDC) for the latter’s proposed leisure and theme park integrated resort in Manila.
Nayong Pilipino Foundation (NPF) director Maria Fema T. Duterte,a niece of President Rodrigo Duterte, bared this P26 billion anomaly in the corruption charges she filed with the Office of the Ombudsman against her fellow board members.
In a report by the Inquirer, the NPF directors charged by Duterte were NPF chair, Patricia Yvette Ocampo; Caroline Lansang, Alicia Manuel, Elizabeth Mercado, Bishop Efraim Perez, Clarence Bringas, Rex Anthony Villegas, and Marie Nino Gerald Medina.
Duterte claimed that the government would lose P517 million a year in the 50-year contract or a total of P25.85 billion in a deal which was finalized under suspicious circmustances.
Duterte cited the prevailing P600 per square meter rate in the nearby Solaire Resort and Casino and Okada Manila. She pegged the ideal lease rate at P689 million annually compared to Landing’s offer of only P172 million annually.
Landing’s Nayong Pilipino theme park will be built over 147-hectare of land to be reclaimed at Manila Bay at the edge of Philippine Amusement and Gaming Corp.’s Entertainment City.
The project will have an indoor theme park and waterpark on top of the leisure and gaming facilities.
Yang met with Duterte last year and was optimistic of the government’s support for the project. The Nayong Pilipino theme park is part of Yang’s plan to become a major player in global gaming.
In 2016, Yang bought out the stake of Genting Singapore, owned by Malaysian billionaire Lim Kok Thay, in the $1.8 billion Resorts World Jeju which is the the first and largest iconic entertainment destination resort, in South Korea.