Gov’t to revitalize Clark freeport, ecozone

State-run Clark Development Corp. has started to aggressively revitalize its freeport and economic zones in a bid to further attract local and foreign investors and boost investments.

In an interview, CDC president and chief executive officer Felipe Antonio B. Remollo said that as it is, several companies have already firmed up their commitments to make Clark their regional hubs while other prospective investors have already offered unsolicited proposals.

Remollo disclosed that a firm operating in Las Vegas had submitted an offer to invest as much as $400 million, or roughly P17.2 billion, to put up a resort and casino within a 750-hectare area in Clark.

Among the firmer commitments are the planned $45-million investment of Foton Motor Philippines, which will build a manufacturing plant for cars and trucks for export to the Asian market and the $600-million expansion of the manufacturing plant of Yokohoma Tire Philippines, which is expected to become the biggest tire factory in the world.

CDC is likewise evaluating the proposal of Megaworld Corp., led by taipan Andrew Tan, to put up business process outsourcing hubs and dormitories.

All these investments, according to Remollo, were expected to generate at least 30,000 new additional jobs within a short period of just two years. More jobs are expected as new investments push through.

“We want Clark to be known as an investment destination. We used to be second fiddle to Subic. But of course, we are not competing with Subic. I’d like to think we’re competing against the freeports of Singapore, Korea and Thailand, so we have to live up to a global standard,” Remollo explained.

The country’s biggest taipans and groups already have a presence in Clark, including Henry Sy for its SM Mall and BDO; the Gokongwei group, with Cebu Pacific already flying out of the Diosdado Macapagal International Airport (DMIA); Manuel V. Pangilinan, with the acquisition of a 65-percent stake in Clark Electric Distribution Corp. by Manila Electric Co. and the Ayala group.

However, CDC is embarking on an array of initiatives to further enhance Clark’s image as an ideal investment destination through the enhancement of Clark’s customer assistance for retention expansion (CARE) programs and the strengthening of after-sales support services to investors and internal competencies.

CDC is likewise moving to swiftly resolve pending legal issues, reactivation of non-performing accounts and privatization of assets.

Remollo added that the government wanted also to rebrand Clark as a tourist destination—the top choice for leisure, sports, meetings, conventions and exhibitions and wellness.

In fact, the CDC chief disclosed that there were proposals to convert a 200-hectare area within the freeport zone as the future site of all sport complexes, theme parks, shopping malls and dormitories for athletes.

“That will be the first of its kind in the country that will consolidate all sport complexes and state-of-the-art equipment (for sports), with the goal in mind of producing the first Olympic gold medal,” he noted.