New Clark City attracts P143 billion investment pledges

MANILA, Philippines — The New Clark City (NCC), which is being positioned as an investment hub, has attracted over P143 billion worth of investments, according to the Bases Conversion and Development Authority (BCDA).

BCDA president and CEO Joshua Bingcang said during the Build Better More Infrastructure Forum held in NCC in Tarlac, investment commitments for NCC have reached P143.22 billion.

Of the total amount, P15.92 billion has already been invested through actual construction, while P127.3 billion is in the pipeline.

He said the investments are expected to generate a total of 103,000 jobs.

“They are already secured in our agreements with our private sector partners. And more will be coming,” he said.

Covering 9,450 hectares, the NCC is being developed as the country’s first smart, green and resilient metropolis.

Bingcang said the BCDA is focusing on developing 1,000 hectares of the NCC for the Phase 1 development that includes the National Government Administrative Center, where the 2019 Southeast Asian Games were held.

“We continue to hold regular events to make sure that we also generate income from them. They will not be considered as white elephants but they are revenue generating facilities for the government,” he said.

He said among the upcoming locators in the NCC is the minting facility of the Bangko Sentral ng Pilipinas, which is expected to start construction next year and be completed by 2028.

NCC is hosting educational facilities like the University of the Philippines, Polytechnic University of the Philippines and Philippine Science High School to help ensure labor supply will be provided to support manufacturing firms that locate in the area.

Bingcang said the Filinvest Innovation Park covering 120 hectares in NCC is now ready to host manufacturing, cold storage, warehousing, food processing and pharmaceutical industries.

He also said battery storage manufacturer StB Giga Factory is set to start operations in NCC by August.

As for Hann Mountain Resort, which will feature world-class amenities and hotels, he said partial opening is expected in the fourth quarter of next year.

He said several projects are being undertaken in Clark as part of the development of the Luzon Economic Corridor such as the P658 billion Subic-Clark-Manila-Batangas railway system to connect the three major ports in Luzon.

He told reporters the P658 billon project cost for the railway is an initial estimate subject for feasibility study.

“It is subject for updating. It’s more of just on estimating on a per kilometer basis,” he said.

Special Assistant to the President for Investment and Economic Affairs Frederick Go told reporters earlier, the Subic-Clark-Manila-Batangas railway is estimated to cost $7 billion.

Bingcang said the P8.5 billion Clark National Food Hub and P15 billion Clark International Airport expansion are also being pursued for the development of the Luzon Economic Corridor.

Other priority projects in Clark include the P71.5 billion extension of the North-South Commuter Rail to NCC, P6 billion Clark integrated public transport system, the Clark Central Business District and the New Clark City Industrial Estates.