Said amount will be used for the construction of a new mall right at the heart of the city.
“Because of the great potential and business opportunities in Legazpi, though we’re a small city, the Ayala Corp. did not hesitate and invested Php1-billion worth of new mall,” Mayor Noel Rosal said on Saturday evening.
Legazpi City, which is known in the travel industry as the “City of Fun and Adventure,” was voted as the second livable city in the country in last year’s search for the country’s top three most livable cities.
The Ayala mall project is expected to be operational in December.
Rosal said the Ayala Corp. took over the construction of the mall from the Liberty Commercial Center (LCC), which started to build the project in the site of the old public market.
The LCC has chain of malls in Bicol and is owned by the Filipino-Chinese Tan family from Tabaco City, which pioneered the establishment of malls in three key cities of the region -- Tabaco, Legazpi and Naga.
The new investment is expected to generate more jobs for the Bicolanos and additional income for the government.
Aside from additional Php1-billion investment of the Ayala Corp., SM and Robinson managements are trying to secure big lands to put up multibillion-peso investments, apart from their chains of supermarkets in the region.
The Asian Institute of Management described Legazpi as a fast-rising city in terms of infrastructure development, business growth and notable peace and order condition following good governance -- bouncing rapidly back on its feet after the devastating impact of super typhoon “Reming” eight years ago.
Legazpi is the center of trade and commerce in the Bicol. It is the seat of national government and the university belt of the region.
With massive infrastructure development, business growth and big influx of foreign and domestic tourists in this city, Legazpi, according to Rosal, is the next investment and hub in the country, next to Davao and Cebu.--by Rhaydz B. Barcia, PNA
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