A ‘GLOBAL CITY’: Iloilo Eyed to Host PHP18.27-B Global City PPP Project

By Rjay Zuriaga Castor

A massive PHP18.27 billion property development project under the public-private partnership framework is in the pipeline to transform Iloilo City into a premier urban center with global appeal.

The Iloilo Global City project, proposed by Iloilo Global City Corp., is the largest among 14 new PPP projects announced, which bring the total number of national PPPs to 187, amounting to PHP2.64 trillion as of April 11.

“The overall development intent of the city side is to establish new growth centers, where everyone can have the live, work and play lifestyle—everything within easy and convenient reach,” according to the Public-Private Partnership Center.

The project falls under the PPP’s property development category, which includes large-scale mixed-use developments such as commercial, residential and institutional facilities designed to attract investments and generate employment.

The development is currently under evaluation by the Iloilo City government, which serves as the implementing agency.

Iloilo Global City Corp., which submitted the unsolicited proposal, is an associate of listed property developer Cebu Landmasters Inc.

The Cebu-based company engages in real estate development, sales, leasing and property management.

According to its integrated portfolio, IGCC held a 43% effective ownership stake as of 2023.

IGCC was incorporated that same year as a joint venture between CLI and two other corporations and is currently developing a mixed-use condominium tower in Iloilo City.

In March, representatives from CLI met with the city’s PPP Bids and Awards Committee to introduce the proposed project.

CLI has already established a strong presence in Iloilo through previous projects.

It completed Casa Mira Iloilo in Barangay Camalig, Jaro—a 14.4-hectare residential development with 1,188 units that is nearly sold out.

CLI is also behind Terranza Residences, a 600-unit, 33-story residential tower currently under construction in the downtown area.

Terranza Residences is the city’s first vertical residential tower and is being developed through a joint venture with International Builders Corp.

The project began construction in October 2021, with CLI owning 50% of the development and overseeing its management.

CLI’s expansion in Iloilo also extends to aviation through its associate firm ICOM Air Corp., formed in 2020 to operate aircraft and transport services in the Philippines.

ICOM, which has a 33% stake held by CLI, is headquartered in Iloilo City but had yet to begin commercial operations as of end-2023.

Once approved and implemented, the Iloilo Global City project is expected to boost the city’s competitiveness, drive regional economic growth and reshape its urban landscape with modern infrastructure and world-class amenities.