THE P115.5-million Negros First Food Terminal expected to be constructed starting this year will fully bring in a return on investment (ROI) within 10 years, a Capitol official said.
Lawyer Japhet Masculino, head of the Economic Enterprise Development Department (EEDD), said on Friday the two-storey project situated in at least one-hectare area is poised to generate revenues of at least P11 million a year.
The structure will replace the old pala-pala on San Juan Street, Bacolod City.
“The project will be constructed phase by phase starting August with a target completion period of one year,” Masculino said, adding that after 10 years, the province can already start gaining profit from the capital it has invested.
It is also projected to greatly impact on the economic enterprise initiatives of the province, particularly in supporting the tourism and agriculture industries, he further said.
The development of the food terminal is part of the P500 million worth of four major infrastructure projects the provincial government is funding through a loan from the Land Bank of the Philippines.
Other projects include the P185.9-million renovation and expansion of the Provincial Administration Center; P113.9-million development of the Capitol-run Sweet City Captel; and P84.8-million renovation and construction of Mambukal Mountain Resort Hotel and Convention Center in Barangay Minoyan, Murcia.
On Wednesday, the Sangguniang Panlalawigan has approved Supplemental Budget No. 2 amounting to P500 million as payment for the loan incurred by the province in funding the said projects.
Masculino said the province’s yearly income from the old pala-pala is only about P3 million.
It is even short with the electricity expenses being paid by the provincial government, he pointed out.
With this development, Masculino said the Negros First Food Terminal will host the biggest center or “bagsakan” of fish as well as organic products in the province.
Aside from the wet market and dry section, there will be an enhanced pala-pala eating area or food court. Function rooms will also be constructed on the second floor.
“Some parts of the structure are already dilapidated thus, improvement is necessary now,” Masculino said, adding that the new food terminal will complement the adjacent development of Capitol Central mall by Ayala Land Inc.
The old pala-pala was opened in 1979 during the administration of the late Governor Alfredo Montelibano Jr.
The 38-year- old pala-pala has also served as one of the province’s tourist destinations, particularly in terms of seafood and other food products, Masculino said.
“The development will attract more local and foreign tourists which will eventually translate to more direct and indirect employment and livelihood opportunities to Negrenses,” he added.
The Negros Island Region delegation to the 3rd Sial Asean Manila held at the World Trade Center in Pasay City recently.