Foreign investments

“Build, Build, Build” projects attract foreign investment to Clark

MANILA – The administration’s “Build, Build, Build” infrastructure program should continue to attract foreign investment to Clark to create a new metropolis outside of Metro Manila.

At Clark’s business conference on Tuesday, the vice president of Clark Development Corp.’s business development and improvement group. (CDC), Rhyna Ventura, said CDC attracted PHP 3.68 billion in foreign investment last year, 43% more than the approved PHP 2.6 billion in foreign investment. in 2020.

She said these foreign investment commitments will create 6,690 jobs.

Ventura said that apart from foreign investments, the number of Filipino investments in CDC has increased by 16% over the same period.

National Economic and Development Authority (NEDA) Undersecretary in charge of the investment programming group, Roderick Planta, said many infrastructure projects under the “Build, Build, Build” program benefit the center of Luzon, particularly attracting investment in Clark.

These investments include the new town of Clark, home to the administrative center of the national government and a mixed-use industrial and real estate project by Bases Conversion and Development Authority (BCDA) and Filinvest Land Inc. due for completion this year.

The newly opened terminal at Clark International Airport has improved passenger capacity to eight million per year.

Planta also cited rail projects that will improve mobility between Clark and Metro Manila, such as the Philippine National Railway (PNR) North Project 1 Manila and Bulacan, and the PNR North Project 2 which extends the PNR North Project 1 to Clark International Airport. and New Ville Clark.

As of December 2021, PNR North 1 and 2 are 54% and 35% complete, respectively.

The Subic-Clark Railway project, which is currently in the project development stage, is also expected to improve freight transportation between the Subic Bay Free Zone and the Clark Special Economic and Free Zone.

Meanwhile, European Union Delegation First Counselor and Head of Trade and Economic Affairs Maurizio Cellini said the Philippines and Clark are becoming a more attractive investment destination for European entrepreneurs as projects key economic bills were passed in Congress.

These bills include the amendments to the Retail Trade Liberalization Law, the Foreign Investment Law and the Civil Service Law, he said.

“The Clark region plays a crucial role in the country’s strategic development,” Cellini said.

He said that the Philippines and European companies have many opportunities for collaboration, especially in the development of Clark, as European companies have the capacity and technical expertise in the sectors of real estate, transport, manufacturing, retail and environmental solutions, among others. (NAP)