In June, PAGCOR experienced its most significant event for 2007 the passage of the Republic Act 9487 otherwise known as the PAGCOR Bill. Signed into law by no less than the President, this important piece of legislation grants the state run gaming firm a 25-Year extension to its franchise, renewable for another 25 years.
This in itsdelf is a breakthrough for the country as it signifies the growing recognition bt the government of the benefits of a legalized gaming industry.
With this, PAGCOR can now go full gear with the implementation of its multi-billion dollar tourism development project, the Bagong Nayong Philippino- Manila Bay Integrated City
People have been hearing about the entertainment cityproject invisioned by Genuino as early as 2001. However, its implementation was hampered by pending expiration of the PAGCOR franchise. But thanks to the timely approval of RA 9487, this ambitious dream is now fast becoming a reality.
The Bagong Nayon Pilipino-Manila Bay integrated City will initially cover about 85 hectares of reclaimed land in Bay City area and will be developed in various stages over the next 10 years.
It will be a fully integrated tourism zone featuring a wide array of iternational grade facilities amenities such as posh luxury hotels, convention stores, state of the art theaters, sports stadiums, restaurants, shopping centers, cultural complexes and museums, amusment parks and an Observation Tower that will be among the tallest structures of its kind in the world.
Meanwhile, the second and third phases of the project include the development of other tourism hubs in the country such as Clark in Pampanga and Cebu in the Visayas.