The Tourism Infrastructure and Enterprise Zone Authority (Tieza) can give at least P100 million as initial fund for the rehabilitation of Burnham Park, 25 percent of the P400M fund that was approved by the Tieza Board pre-pandemic.
Tieza Chief Operating Officer Mark Lapid said the agency was not able to immediately provide the funds because of the pandemic and the funding needs that it entailed to the government.
“We will start implementing as soon as we get our funds,” he said.
Lapid said they have agreed with the city government to prioritize parts of the rehabilitation plan so that whatever part of the project that will be completed can “already be used.”
“We do not want a phase-by-phase development so they have to make priorities,” he said in an interview during his visit with his father, Sen. Lito Lapid, for the distribution of assistance to 533 heads of families and students in Baguio.
He noted “the economy is regaining” and “money is coming in, so, we hope to implement projects for development soon.
Lapid said negotiation with the Asian Development Bank for the rehabilitation of the sewerage and water treatment facility of the city is in the pipeline.
“We still need the National Economic and Development Authority and the Department of Finance because the loans are secured by Tieza, and if the city fails to pay, Tieza pay and it is still government coffers,” he added.
Aside from the projects in Baguio, Tieza is also eyeing a development program for the Mt. Data Hotel in Mountain Province and the Banaue Hotel in Ifugao. –PNA