The prolonged suspension of various reclamation projects in Manila Bay may see the national government losing tax revenues of up to P432 billion.

This according to Albay Rep. Joey Salceda, chairman of the House committee on ways and means, in an ambush interview on Monday following the panel's deliberations on the implications of the suspension of projects that had been approved by the Philippine Reclamation Authority.

"The government is losing a lot because of the suspension. Our estimate is for within five years because most of that is a one-time transaction, right? That loss has already reached P432 billion, especially for those that have already been started," Salceda told reporters.

During the deliberations, the economist-lawmaker stressed the importance of reclamation, which he deemed a "standard practice" in the world's largest and most thriving cities.

Specifically, Salceda cited Tokyo, with 20 percent of its bay reclaimed to meet the growing needs of its booming metropolis. Likewise, Singapore has reclaimed approximately 22 percent of its land area, with one-third of the reclaimed land allocated to socialized housing, Salceda said.

Further, he said that 25 percent of developed land in Hong Kong was reclaimed, with 27 percent for residences and 70 percent for economic enterprises.

"Reclamation is inevitable when developing large metropolitan cities bound by the sea, and Metro Manila is now the world's most densely populated megacity," he said.

Back in August, President Ferdinand Marcos Jr. ordered a temporary halt to 22 reclamation projects in Manila Bay to assess the environmental and social consequences, citing several issues in the projects' implementation.

According to the Department of Environment and Natural Resources, only three out of 22 projects that had been suspended are presently being executed.

The PRA earlier defended the reclamation projects, saying that they met the statutory requirements and had undergone "meticulous environmental evaluations."

PRA assistant general manager Joseph John Literal told Salceda's panel that the reclamation projects are anticipated to generate over P24 trillion in investments, of which P23 trillion will come from direct investments on the vertical development side and P1.95 trillion from horizontal development.