Philexcel Industrial Park, which is a 100-percent foreign-owned industrial estate developer located inside the Clark Special Economic zone, is earmarking P1.169 billion for the expansion.
It has an existing and fully developed eight hectares out of the 44 hectares it had leased from the CSEZ.
Philexcel Industrial Park has a 50-year ground lease agreement with CSEZ for the entire 44 hectares.
The BOI approved Philexcel’s registration on a non-pioneer status but with pioneer incentives.
The BOI agreed to grant pioneer incentives to Philexcel because it is located in Pampanga which is classified as a less developed area in the 2001 Investment Priorities Plan (IPP).
The proposed expansion of 36 hectares will be handled by Colliers Jardine, an international property services company.
The expansion project will be undertaken in two stages. The first stage would involve the development of a new business center near the entrance to the park, while a business incubator would be located on the existing eastern portion of the site.
The second stage would involve the construction of light to medium manufacturing buildings.