More Clark projects approved in first semester

CLARK FREEPORT, Philippines – Officials of Clark Development Corp. (CDC) are optimistic that the Clark Freeport will continue to make a strong showing as more projects were approved in the first semester of this year while locator firms remitted some P1.84 billion to government coffers last year.

Reports submitted to CDC president Benigno Ricafort showed that local and foreign firms have continued to invest in Clark as 36 new projects were approved in the first semester of 2009.

On the other hand, the Bureau of Internal Revenue and Bureau of Customs have received about P1.84 billion in income and business taxes of employees, and Customs duties.  

In a business update, Rafael Galvez of the CDC marketing department reported to Ricafort that new investment projects this year may surpass the 66 projects signed in 2008, owing to the strong showing of Clark as an investment destination in the past six months.

Galvez reported that 15 projects were signed in the service industry in the first six months of the year; seven each in IT-related and commercial industries; three in the industrial sector; and the rest in the institutional (two), aviation and housing sectors (one each).

The total investment commitments forged in the first semester would reach P1.05 billion with close to 1,500 projected jobs in the next five years, Galvez said.

Customer service department manager Rodem Perez, for his part, reported to Ricafort that Clark firms remitted some P1,052,311,325.87 to the BIR and P794,133,716.58 to the BOC in 2008.

Ricafort said his optimism for Clark is anchored on strong investor performance and the confidence of businessmen in the administration of President Arroyo.

The total number of Clark projects stands at 828, infusing investments of P37.84 billion with committed employment of more than 101,000 jobs in the next five years. At present, there are 55,415 workers in the freeport.