CLARK FREEPORT, Pampanga, Philippines – The Bases Conversion and Development Authority (BCDA) will team up with World Bank (WB) in developing the Clark Green City (CGC) which, when completed, is projected to contribute about P1.57 trillion per year to the economy and will generate 925,000 jobs.
BCDA president and chief executive officer Arnel Paciano Casanova anounced the partnership after meeting with WB Group vice president and special envoy for climate change Rachel Kyte on the sidelines of the recently concluded World Economic Forum on East Asia, which the Philippines hosted.
Because the project would be located in this freeport, 100 percent foreign investments would be welcome.
“We are very happy and excited to work with WB to build the country’s first smart, green, and disaster-resilient metropolis. They would be assisting BCDA in the area of innovation and sustainable green development,†Casanova said.
He said the WB will also link BCDA with the best managed cities around the globe to learn from their best practices.
“The conditions are ripe for the creation of a new metropolis in Central Luzon as it contributes almost 10 percent to the national economy, it is home to more than 11 million people, it has the second biggest number of overseas Filipino workers, and it is in the crossroads of vital land, sea and air infrastructures,†Casanova stressed.
CGC involves the development of some 36,000 hectares of land north of this freeport at the heart of Central Luzon or approximately half the size of Metro Manila.
A masterplan recently approved by the National Economic and Development Authority (NEDA) board indicated the CGC will have five districts namely government, central business, academic, agri-forestry research and development, and wellness and eco-tourism.
“We would begin this year the first phase by developing 1,321 hectares. At full development, CGC would contribute approximately P1.57 trillion per year to the economy and will generate 925,000 jobs,†Casanova added.
The BCDA said the first phase of the development is estimated at P59 billion.
Casanova said the terms of reference is being finalized for the bidding of 1,300 hectares out of the 9,450 hectares of the development, following the approval on May 29 of the master plan by the NEDA board chaired by President Aquino.
The first phase of the development will be shouldered mainly by international and local private sector proponents, he added.