Newport City, a joint development between the state-owned Bases Conversion Development Authority (BCDA) and Megaworld Corp in front of the Ninoy Aquino International Airport Terminal 3 in Villamor Air Base in Pasay City, is set to become the country’s newest tourism hub with projected total investments of $740 million up to 2012, with around $360 million already poured in as of 2008.

The BCDA has also realized around P1.2 billion in revenues from the development – P426 million in cash and around P820 million advanced by the developer to developer to fund and undertake the relocation and replication of the military and school and community facilities affected by the development.

This was revealed by Aileen Zosa, BCDA vice president for business development, following the soft opening of the new facility, which hosts 24/7 entertainment and leisure establishments.

“Newport City is set to transform the former Villamor Air Base into a center of economic activity in the face of global financial crisis and natural calamities,” Zosa said.

Zosa noted that the jobs generated in this complex are expected to increase from 5,000 jobs created during the construction stage to 10,000 indirect jobs by 2012.

These jobs will mostly come from the service sector in the tourism and commercial complex.

“Now, we look forward to more developments and more revenues from Newport City in the next 5 years,” Zosa said.

The soft opening of the entertainment complex includes the Resorts World Manila comprising of Maxims Hotel, a 172-room all suite hotel and the 5- star 342-room Marriott Hotel scheduled to open in October this year.

This project will lead the way in the development of a world-class, integrated tourism and entertainment complex, complete with support facilities such as training centers, culinary school and wellness and beauty facilities.