Ricafort named CEO of Clark Dev’t Corp

CLARK FREEPORT, Pampanga — President Arroyo has appointed long-time Clark Development Corp. (CDC) director Benigno Ricafort as the next president and chief executive officer of the state-firm that runs this freeport.

This as outgoing CDC president and chief executive officer Liberato Laus announced yesterday that the 215-hectare Mimosa Leisure Estate here has finally been awarded to Waterfront Philippines Inc. (WPI) after the protest of a rival Korean firm was dismissed.

The award, which was approved by the CDC Board after a thorough bid evaluation and post qualification, is worth some P1.5 billion in Going-Concern Value (GCV) to be paid by the WPI to CDC, Laus said.

Secretary Edgardo Pamintuan, chairman of the Subic-Clark Advisory Development Council (SCAD), announced Ricafort’s appointment to the CDC yesterday during the forum on the SCAD mega logistics hub here.

“The President instructed me to inform Ricafort that he is the next CDC president,” Pamintuan told reporters.

He could not say when the President signed Ricafort’s appointment which, he said, is expected to be released soon.

Ricafort is a Capampangan from Floridablanca town.

He is one of the longest staying members of the CDC’s board of directors, having been a member of the board since the CDC was created during the term of President Corazon Aquino.

He is also the chairman of Naturecraft Industries Corp., Management Center and Resource Group Inc., and Wemberg International Inc.; vice-chairman of the Ricafort Development Corp.; and member of the Asia Pacific Economic Conference Business Advisory Council.

Ricafort is president of the Kapampangan Foundation Inc., which has been raising funds for free wheelchairs for poor and physically impaired folk in Pampanga.

A month ago, Laus submitted to the President his resignation effective this July 31, saying he wanted “to go back to his business firms and steer them in the direction of the country’s growing economy under the Arroyo administration.”

“I want my companies to take advantage of the gains and growth of the economy under the President,” Laus said.

Meanwhile, Laus said the CDC would earn a “minimum annual guaranteed lease” of P160 million over a 50-year term of the award of Mimosa to WPI, renewable for another 25 years.

He said WPI would invest P1 billion in the estate within the next five years.

“After the acceptance of the Notice of Award (NOA), the CDC and WPI will enter into a 90-day Memorandum of Understanding (MOU) which will mature into a lease agreement upon the delivery of the initial commitments by WPI,” he said.

The CDC said the WPI would initially pay CDC P770 million within 90 days from signing of the MOU. The amount includes P450 million as the required minimum GCV payment, P160 million as security deposit, and P160 million as advance lease rental.

WPI was among the 10 bidders that submitted their Letter of Intent for the project. The CDC took over Mimosa during the term of former President Joseph Estrada after its former owner failed to comply with financial obligations with the CDC.

At the same time, Laus said he signed last week a $1-million lease agreement with Berthaphil Inc. for the development of a 58-hectare lot here into a supplier’s park for Texas Instruments, one of the world’s leading microchips manufacturers.