Screengrab from bcda.gov.ph
MANILA, Philippines—The Bases Conversion and Development Authority is inviting local and international investors to locate at the Clark Green City, a special economic zone where an initial 1,300 hectares of land is to be auctioned off for lease and development by the third quarter this year.
In a press statement issued Tuesday, BCDA president and CEO Arnel Paciano D. Casanova said the state agency was eyeing local and foreign real estate developers, industrial park builders, and institutional developers as the initial investors at the Clark Green City in Pampanga.
The plan is to bring in to bring in a critical mass of institutions such as schools, government offices and hospitals to locate in the area. The University of the Philippines is Clark Green City’s first locator.
The first phase of development, which will cover 1,300 hectares of the area’s 9,450 hectares, is expected to generate some P59 billion in investments to be shouldered mainly by the international and local private sector proponents. The 1,300 hectares will be divided into several lots or packages.
Casanova said Clark Green City was “an opportunity for a 100 percent foreign-owned company to invest in urban development in the Philippines since the entire area is a special economic zone.”
Clark Green City, which will serve as the urban core of the Central Luzon metropolis, is expected to play a crucial role in increasing the country’s competitiveness in light of the proposed economic integration among the member states of the Association of Southeast Asian Nations.
At full development, Clark Green City would contribute approximately P1.57 trillion per year to the economy of the country and will generate 925,000 jobs, the BCDA statement said.