THE Philippine Reclamation Authority (PRA) is confident that the new Philippine International Exhibition Center (PIEC) rising from the ongoing reclamation projects in the Pasay City portion of the Manila Bay would be the catalyst for the country’s further economic growth.
This, after the Cabinet-level Investment Coordinating Committee (ICC) affirmed its financial and socio-economic viability.
Projected to be a strong pillar of the National Tourism Development Plan (NTDP), the PRA said the project responds to NTDP’s Objective No. 5, which calls for investment in high-value tourism experience focused on Meetings, Incentives, Conventions, and Exhibitions (MICEs) and special events tourism.
The agency added that the project also aligns with the PRA’s mandate of infrastructure development and the management and development of public estates.
Congress, during its plenary last September 18, fully supported the project with the approval of the P5 billion budgetary support the PRA requested for next year that was also endorsed for approval by the Senate Sub-Finance Committee in a separate hearing.
The amount is expected to help meet the project’s completion date of April 2028, two months before the end of the Marcos administration.
Economically, financially viable.
The 2025 GlobalWatch Business Analytics of the International Congress and Convention Association (ICCA) ranked the Philippines in the 50th place, far lower than its ASEAN neighbors like Thailand (24th place), Singapore (28th place), Malaysia (32nd place) and Indonesia (37th place).
Citing the ICCA study, the PRA noted that hosting just 85 ICCA-organized events—a fraction of the more than 80,000 events tracked annually by the organization worldwide—would make the PIEC “economically and financially viable,” underscoring the project’s potential to generate substantial economic benefits.
The ICCA data also showed that in 2025 alone, international meetings and conventions generated more than US$13.57 billion (more than ₱841 billion) in direct expenditure from participants.
The data showed that an average delegate spent US$2,708 (more than ₱167,000) for the duration of an event with average expenses projected to increase by 37 percent in the next 4 years, in time for the opening of the PIEC.
The rigorous financial study conducted by the Department of Economy, Planning and Development (DepDev) also showed a yield of 10 percent SDR (social discount rate) from the expected net present value (ENPV) would translate to ₱73.54 billion– more than enough to cover the project’s projected cost of ₱27 billion, the PRA noted.
Meanwhile, the DepDev comparison of the ENPV/SDR rate to the EIRR (economic internal rate of return), showed a 20.92 percent positive deviation.
The EIRR measures a project’s overall socio-economic benefits and is widely used in public economics and infrastructure planning.
The World Bank (WB) and Asian Development Bank (ADB) use this internationally recognized metric to assess whether a public project justifies the use of public funds. An EIRR above the SDR generally supports project approval by either institution.
With a positive variance of nearly 11 percent over the SDR, the project evaluation proved the PIEC to be more than economically viable.
Chairman Atty. Alex Lopez said the full development of the PIEC would fuel the country’s economic growth and full potential beyond the term of President Marcos Jr.
“What the President envision is the creation of more regional economic hubs in order to spread the benefit of economic progress to our citizens thru long-term employment generation, business opportunities and greater public participation. This project is the beginning of many more positive things to come,” Chairman Lopez emphasized.
Biggest exhibition hall in SE Asia.
Lopez also pointed out that the PIEC would give added prestige to the country as it would help
catapult the Philippines in the first-tier rank of the global MICE market.
Except for those located in mainland China, the PRA stressed the PIEC’s projected floor area of 243,000 square meters would already make it the biggest in the ASEAN region.
The proposed Exhibition Hall alone, covering 130,000 square meters, can accommodate some 140,000 people, depending on the event, and accommodate upwards to 17,000 exhibitions and commercial booths.
The PIEC is also expected to contribute to the country’s infrastructure, especially in Metro Manila, as it calls for the creation of 88 kilometers of new roads, 102 new drainage systems, 15 new bridges and 22 kilometers of easements to prevent flooding.
All these, Chairman Lopez noted, would be accomplished “at no cost to the government.”
“Zero expenses on the part of the government, zero corruption, in compliance with the President’s instruction,” Lopez stressed.
Parks and open spaces encompassing some 200 hectares to ensure a livable community while also ensuring compliance with the country’s environmental laws are also incorporated in the master plan, Chairman Lopez added.