Insolvent Manila Bay Reclaimer Cyber Bay Corp. Still Waiting for Reimbursement From PRA

Through its unit, Central Bay Reclamation and Development Corp., CYBR said it is “actively pursuing the release of the reimbursement” from the PRA.

Insolvent Manila Bay reclaimer Cyber Bay Corp. (CYBR) said Friday it is still waiting for a reimbursement from the Philippine Reclamation Authority (PRA), more than a year after the Supreme Court denied its appeal for additional compensation.

CYBR, through its unit Central Bay Reclamation and Development Corp., said it is “actively pursuing the release of the reimbursement” from the PRA.

The company made the statement in response to the Philippine Stock Exchange’s request for information on how it plans to address its negative stockholders’ equity, including its plans for the PRA refund.

“The corporation is currently evaluating the best use of the reimbursement upon its receipt,” CYBR said.

“As of now, there is no concrete plan regarding the disbursement of the funds to be received from the PRA. The reimbursement is considerably less than the corporation’s deficit of P11.383 billion. Management is reviewing options to address the negative equity.”

In February 2023, the Supreme Court ruled that CYBR’s unit, Central Bay, is entitled to P714.937 million in reimbursements for the discontinued Amari Coastal Bay reclamation project under the Ramos administration.

Central Bay had initially sought P13.4 billion in compensation for costs, losses, and liabilities from the halted project, but the PRA had argued the company was only eligible for P1.004 billion. The Commission on Audit later reduced this amount to P714.937 million, based on available documentation.

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