SUBIC BAY FREEPORT— New investor Ayala Land, Inc. (ALI) has agreed to incorporate the adjacent area near this premier Freeport, mainly Olongapo City, in its master plan that would push the city’s development.

Subic Bay Metropolitan Authority (SBMA) Administrator Armand Arreza said that the company will also include in its project an area that will be called the “Central Business District (CBD) Triangle.”

ALI President Anthony Aquino recently signed a memorandum of understanding (MOU) with Arreza and Olongapo City Mayor James Gordon Jr. that would put the city into the project’s master plan.

According to Arreza, “The master plan aims to transform a portion of Olongapo City and the Subic Bay Freeport into a green, environmentally-friendly residential, commercial and institutional area.”

“This will be the initial project in accordance with the SBMA’s thrust to extend the physical boundaries of the Subic Freeport, and in the process generate more livelihood opportunities for people in the surrounding communities,” Arreza added.

The company bared that the CBD Triangle will cover a 7,000-square meter area along and inside the triangle formed by Magsaysay Drive, Rizal Avenue Extension, and Perimeter Road in Olongapo City, as well as the former SubCom area inside the free port.

Arreza said that if the project were finished, the triangle would generate economic activities in the city.

Included in the master plan is the former SubCom area that will be converted into a mixed-use area for retailer business, Olongapo’s Magsaysay Drive will be transformed into a commercial-office block, Rizal Avenue Extension into a residential area, while an institutional area will rise within the block composed of Fendler, Third, Hansen and First Streets.

On the other hand, the banks of the Kalalake River inside the CBD Triangle will be turned into a waterfront garden for relaxation, picnics and small group activities.

“The area is beautiful and any transformation should be planned well, otherwise the deterioration of the environment will continue,” said Aquino.

He added that any project to be constructed within the CBD Triangle will be relevant to the history, culture and dynamics of Subic Bay and Olongapo City.

Arreza said the CBD Triangle project was conceptualized after President Arroyo signed on November 5, 2007 Executive Order 675, which granted tax and duty-free privileges to investors locating beyond the “secured area” but within the Subic Special Economic and Free Port Zone (SSEFPZ).

Aside from doing the CBD Triangle master plan, ALI also volunteered to draw the plans for the development of beach areas in Olongapo City into world-class tourist resort destinations.

“Olongapo City is the nearest beach and resort destination from Manila that is why development of the facilities in this area is very timely,” Arreza also said.