MANILA, Philippines — The Manila City Council has given Manila Mayor Alfredo Lim the green-light to seek permission from the Philippine Reclamation Authority (PRA) to reclaim a portion of Manila Bay and transform the body of water into a sprawling financial district of the city.

Manila Third District Councilor Joel Chua confirmed that his ordinance granting authority to Lim to file an application with the PRA to reclaim a portion of Manila Bay was passed last June 6. He said that city government is considering the establishment of the proposed business hub near the city’s border with Pasay.

"It is about time that Manila puts up its own business district to make the city more competitive and attractive to investors. I must admit that we are being left behind by other cities. That's why this plan is timely,” he told the Manila Bulletin in an interview.

Under Chua's ordinance, the proposed area for reclamation would start from the city's original southern coastline border with Pasay City in accordance with the 1949 Revised Charter of Manila with established boundary points prescribed in section 5 (1) beginning at a point near the south bank of the Estero de Maytubig.

“If for any reason or reasons, any part or provisions of this Ordinance shall be held unconstitutional or invalid, other parts or provisions hereof, which are not affected thereby, shall continue to be in full force and effect,” the ordinance said.

The newly passed ordinance was signed by Lim and Vice Mayor Isko Moreno and was attested to the Secretary to the Mayor lawyer Rafaelito Garayblas and Secretary to the City Council Luch Gemphis.

Earlier, Lim announced that he had been mulling on putting up a financial district in the city which will be better than, if not at par with, Makati's Central Business District and Taguig's financial hub.

His first plan was to put up the business district in a 20-hectare idle lot in the Manila Port Area. However, the plan was shelved due to legal issues.

Once the Manila Bay reclamation plan is approved, Chua said the city government may resort to either a public-private partnership scheme (PPP) or a joint venture program in developing and transforming the reclaimed land.

The development project will also be bidded out to contractors once the proposal to reclaim a portion of the Manila Bay is approved by the PRA.

“The city government will be tapping private property developers to help them create the city's own financial hub. From there, the city will have a share and of course it means more revenue for Manila,” he said.