Philippine World War-2 Tunnel makeover To Boost Tourism

Fort Bonifacio World War-II Tunnel

Recognizing the need to preserve heritage and raise people's awareness of history, the Bases Conversion and Development Authority (BCDA) said plans are now afoot to develop and rehabilitate the little known Fort Bonifacio tunnel in Taguig which saw action during World War II.

 

BCDA President and CEO Arnel Paciano Casanova said the planned conversion of the war tunnel into a heritage site will also contribute to the country's tourism industry.

 

Cassanova said the project will also greatly to contribute to the people's understanding and appreciation of the history of the former military camp, Fort Bonifacio, now known as the Bonifacio Global City (BGC).

 

The BCDA and the Fort Bonifacio Development Corporation (FBDC) are joining hands to develop the old military structure, which was first dug up by Igorot miners in the early 1900s upon the directive of General Douglas MacArthur, who had served as military adviser to former President Manuel Quezon.

 

Currently, the BCDA said they are looking at the structural integrity of the tunnel and sustainability of the project.

 

"Preserving the heritage of Fort Bonifacio and incorporating its heritage and history in the development of BGC is what makes BGC a cut above other cities," said Cassanova.

 

"Bonifacio Global City is the fastest growing commercial, business, and residential district in the country today. It is the home of passionate minds. Equally important is the rich history that is incorporated in BGC's development – giving it a soul," he added.

 

"We are also preserving our heritage site and this is part of our contribution in raising the awareness of our people on the contribution of our armed forces, particularly our soldiers in preserving the freedom and the liberty and democracy in this country," said Cassanova.

 

The Fort Bonifacio Tunnel, an underground passageway located in the eastern portion of Bonifacio Global City, in Taguig, to the American colonial period when it was first constructed during World War II to serve as military headquarters and storage of war supplies.

 

The original tunnel's length was about 2.24 kilometers with 32 built-in chambers and two passable exits, one leading to Barangay Pembo and the other to Barangay East Remo.

 

Today, amid the rapid development of Bonifacio Global City, a 730-meter segment of the tunnel remains unaffected, existing underneath the C-5 Road, with its opening near Market! Market!

 

Cassanova said the Fort Bonifacio war tunnel will position the country as a bastion of freedom and democracy in the whole of Asia and bring honor to Filipino soldiers who sacrificed their lives to fight for such freedom.

 

"We have a rich and fascinating history on the Filipino's struggle for freedom and independence," Casanova stated, adding that "such struggle has left historical artifacts that remind us how our forefathers fought for the freedom we now have. Some of these artifacts, such as the Fort Bonifacio Tunnel, are beneath the ground we walk on everyday."

 

The conversion of the Fort Bonifacio tunnel into a heritage site is foremost seen to promote appreciation of Fort Bonifacio's history – from the time of the American colonial period to the time of the implementation of the Bases Conversion Program, which gave rise to world-class communities like the Bonifacio Global City (BGC).

 

Cassanova likewise pointed out that the conversion of the tunnel into a heritage site will contribute to the country's tourism, which Cassanova said, plays a significant part in stimulating economic growth.

 

"Along BGC's world-class development, BCDA plans to rehabilitate, develop and convert the old tunnel into a historical site in BGC that will showcase the city's rich and unique heritage as a former military baseland," said the  BCDA president.

 

The war tunnel which most Filipinos are not aware of... this has been a tunnel that served the Philippine military since the time of the Commonwealth and up to the World War II so that the city, the Bonifacio Global City, would have a sense of history and culture and heritage and also honor our soldiers," he added.

 

History Of The Philippine World War 2 Tunnel

 

First dug up in 1936, a year after the establishment of the Philippine Commonwealth, the Fort Bonifacio war tunnel was envisioned to serve as Mac Arthur's headquarters and as a stockroom for war supplies.

 

When World War II broke out on 1941, Mac Arthur however did not use the tunnel as planned. And with the surrender of Filipino and American troops following the fall of Bataan and Corregidor, Japanese forces took over the tunnel, which was expanded with an additional exit outside of Fort Bonifacio (then Fort William McKinley) all the way to Villamor Airbase (formerly Nichols Airbase).

 

To further develop the tunnel, the Japanese employed forced labor among Formosans, Taiwanese, and Filipinos.

 

With the liberation campaign in 1945 and the end of World War II, American troops used flame throwers to flush put Japanese troops who hid in the tunnel.

 

A briefing paper given by the BCDA to defense reporters said that even a year after the war, Japanese troops were still said to be coming out of the tunnel and that some of them were gunned down by Filipino soldiers who were strategically positioned at the exits of the tunnel.

 

In the mid-70s, Maj. Gen. Fortunato Abat, then the Army chief, initiated upgrading of the tunnel by having it cemented. This was done by the Army's 51st Engineering Brigade. It was also during that time that the Task Force Greater Manila undertook diggings in the tunnel in search for "hidden treasures."

 

In the 80s, the historical significance of the tunnel as part of the Philippine Army museum and library complex was recognized. Rehabilitation and face-lifting was done on the tunnel, which was formally opened to the public for viewing in 1989.

 

With the advent of the Bases Conversion Development Plan, the Army moved to preserve and retain the PA museum complex to include the tunnel.

 

However, with the issuance of Administrative Order 269 "Confirming the Adoption of the Fort Bonifacio Master Development Plan" by then President Fidel V. Ramos, historical structures and sites in Fort Bonifacio were demolished despite representations made by the Department of Tourism (DOT) and the National Historical Institute (NHI).

 

Manila Bulletin

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USA, EUROPE race grabbing the GOLDEN PEARL OF THE ORIENT - the unbelievable rising Philippines

iShares MSCI Philippines 

Investable Market Index Fund 

(NYSE: EPHE)

Investing in Philippines: Escape the U.S. with a Low-Debt, Low-Inflation Economy

 

Along with its various countries and economies, the Asian investment thesis has certainly evolved over the years.

 

Those born in the 1960s and 1970s surely remember the 1980s when Japan's economy rose to global prominence, showing the world that at least at that time, Japan truly was the land of the rising sun.

 

The Asian financial crisis struck in the late 1990s, but that even only temporarily chased Western investors away from the continent. Caution would give way to ebullience earlier this century as investors became enamored by the Chinese and Indian growth stories.

 

Flush with statistics about that pair representing two of the fastest growing economies in the world and that one or both would one day pass the U.S. in terms of economic heft; investors were once again seduced by Asian opportunities.

 

Renewed appetite for Asian exposure coincided with another boom, which of the exchange-traded fund (ETF) industry. As the Chinese and Indian economies became juggernauts, ETF sponsors have met investor demand for exposure to these countries coming up with everything from ETFs focused on Chinese technology companies to Indian small-caps.

 

ETF issuers did not stop there. As investors clamored for ways to access other Asian markets, ETF sponsors obliged.

 

In other words, the Chinese and Indian growth stories gave way to the burgeoning economies of Indonesia, Thailand and others. Since the March 2009 market bottom, the iShares MSCI Thailand Investable Market Index Fund (NYSE: THD) and the Market Vectors Indonesia ETF (NYSE: IDX) have been two of the best performing ETFs of any kind.

 

Those funds are still performing well, but a case can be made there is a new sheriff on the Asian investment block.

 

Investing in the GOLDEN PEARL OF THE ORIENT of the unbelievable rising Philippines   

 

The Philippines, a Southeast Asian nation comprised of thousands of islands, is not completely unknown to Western investors, but the economy there is smaller comparable nations such as Indonesia, Malaysia and Thailand.

 

A fair assessment might be to say the country is just starting to shed its under-the-radar status.

 

That much is proven by the iShares MSCI Philippines Investable Market Index Fund (NYSE: EPHE), almost certainly the best way for U.S. investors to tap into the Philippine investment thesis without incurring unnecessary single stock risk.

 

Actually, there are not many Philippine American depositary receipts available, so EPHE is the best way to access the Philippines. Period.

 

EPHE debuted two years ago and now has over $101 million in assets under management, a sum that indicates investors have at least been intrigued by what the Philippines has to offer.

 

Those investors have not been disappointed.

 

EPHE is up 28.5% year-to-date, making it one of the best funds tracking any individual country in any region of the world.

 

EPHE: More to the Story

 

EPHE's performance does not paint the entire picture about the Philippine economy.

 

Arguably, when the various statistics are weighed together, one might wonder why the ETF has not performed even better and why allegedly smart economists and institutional investors are not embracing the Philippines to a larger extent.

 

Inflation is benign in the Philippines. That is something India cannot say.

 

Even Thailand has struggled with rising prices at various points in recent years. The Philippines could notch GDP growth of 6% this year and the country is well on its way to meeting or exceeding that number after posting growth of 6.1% in the first half of the year 2012.

 

Then there is a fact about the Philippines that would make many Americans and Europeans gasp in disbelief: The country could be debt-free in a few years.

 

Currently sitting on a debt-to-GDP ratio of 50%, one the U.S., Japan and the Eurozone would die for, government spending is less than 19% of GDP.

 

As of August 2012; Buoyed by $81 billion in international reserves, the Philippines' external balance sheet is nothing short of impressive. Standard & Poor's, the ratings agency that is notoriously slow on the uptake, still has a junk credit rating on the Philippines, though it is BB+, the highest non-investment grade rating. S&P upgraded the Philippines in July and the country's BB+ rating is its highest since 2003.

 

Adding to the bull case for the Philippines is a favorable slate of country rankings. Data from the Heritage Foundation indicate that when metrics such as economic freedom, freedom from corruption, land freedom and related metrics are combined, the Philippines scores better than other Southeast Asian economies such as Indonesia and Vietnam. The Philippines also tops Greece, China, India and Russia.

 

Note to investors: One or two nice statistics here or there do not mean any country's investment thesis is perfect, the Philippines included, so don't throw all your money into EPHE.

 

The country has strides to make on the corruption front, corporate legal reform is essential and the country's rate of poverty is high, even for a developing nation. Those factors should not be ignored, but the totality of the Philippines economic story indicates its (EPHE's) best chapters have yet to be written.

 

Money Morning (USA)

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