BIZ BUZZ: The Taylor Swift effect redux

The plan of Clark International Airport Corp. (CIAC) to build a 37-hectare (ha) entertainment and events center to attract live shows, sports tournaments and conventions is gaining traction among potential investors.

The operator of the Pampanga gateway floated the P21-billion idea to encourage global artists like 14-time Grammy winner Taylor Swift to include the Philippines in their world tour. The pop icon, unfortunately, skipped the country during the Asian leg of the sold-out “Eras Tour” concert.

“We have various interests. We hope to get more as we further promote this project,” CIAC president and CEO Arrey Perez told Biz Buzz.

“Our strength is that Clark is a very viable location for investments due to its strategic location and the great developments already happening and about to happen,” he added.

Along with this, the airport operator is also working on its P8.5-billion national food hub and P1.8-billion urban renewal and heritage conservation program. —Tyrone Jasper C. Piad

Answering Gibo’s call

Defense Secretary Gilberto “Gibo” Teodoro Jr. should be happy to know that even before he made the call for the private sector to help the government come up with more ways to finance the continuing modernization of the Armed Forces of the Philippines and also enhance the country’s defense posture, a number of companies are already doing so, quietly but effectively.

One such company is Asia Defense and Firepower Corp., which was appointed last week as the local service provider of Hensoldt, a leading European company in the competitive global defense industry.

Based in Taufkirchen near Munich, Hensoldt supplied and delivered the Air and Surface Search Radar (ASSR) systems that are currently providing full situational awareness to the Philippine Navy’s two modern Jose Rizal Class frigates.

By appointing AFDC, Hensoldt assures the Philippine Navy that the radar systems can be serviced and maintained in the country – instead of being serviced in South Korean shipyards – thus enhancing the operational readiness of the frigates that can patrol the West Philippine Sea.

“The in-country maintenance of Philippine Navy systems also ensures that limited government defense budgets are spent and circulated within the local economy”, said ADFC President and CEO Jeruel Sanchez.

ADFC will soon build in the Freeport Area of Bataan and other expansion areas in the Philippines its radar maintenance facilities.

ADFC Chair Ramon Garcia Jr. said ADFC’s investments in a radar maintenance facility, including investments in transfer of knowledge and technology to Filipinos, answers the continuous calls of the government to beef up the nation’s local defense capabilities through private sector investments. — Tina Arceo-Dumlao