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Manila Bulletin devider Business devider BCDA expects Maharlika to invest in New Clark City

BCDA expects Maharlika to invest in New Clark City

Published Jan 23, 2024 08:21 am

At A Glance

  • The Bases Conversion and Development Authority (BCDA) is hopeful that Maharlika Investment Corp. (MIC) will consider New Clark City for investment.<br>Joshua Bingcang, BCDA president and CEO said he met with Maharlika's CEO and revealed President Marcos' support for developing New Clark City as an industrial hub.<br>BCDA expects early MIC investments in New Clark City's ongoing projects, which are deemed attractive due to the absence of right of way issues and comprehensive control by BCDA and its subsidiaries.

State-owned Bases Conversion and Development Authority (BCDA) is optimistic that the Maharlika Investment Corp. (MIC) would consider New Clark City in Tarlac as one of its first investment opportunities.

As one of the major players in the government's Build, Build, More initiative, Joshua Bingcang, BCDA president and chief executive officer, said he has pitched potential investment opportunities in New Clark City to the head of the newly-established MIC.

“I’ve had a good conversation with the Maharlika CEO [Rafael Consing, Jr.] and told me that when he met with President Marcos, he already pitched Clark to become a growing industrial hub, and the President said yes,” Bingcang told reporters.

The BCDA is optimistic that the current projects in New Clark City will be among the first to receive investments from the MIC, Bingcang said.

“We already have shovel-ready projects because there’s no right of way issues, and everything is controlled by BCDA and our subsidiaries,” he added.

In pursuance of the Build Better More program, which was created to make up for the lack of infrastructure in the country, Bingcang noted that they are working on relocating the Philippine Air Force to New Clark City.

The Air Force is located inside the 300-hectare land of Clark Freeport zone.

“We signed a deal with them before the pandemic for them to relocate and modernize their facilities,” he said.

The BCDA chief explained that the Air Force facilities needed modernization as some of the infrastructures were still US buildings.

“We got funding now from President Marcos, so I got support from him to begin the relocation so we would bid out the first phase of the development, which includes the 100 hectares for housing.”

According to Bingcang, this site development work would involve P700 million, and developers are already looking into investments as the area is near Clark Airport.

Moreover, the BCDA will rehabilitate the prime property to become mixed-use developments.

In terms of pursuing the housing projects for Clark, Bingcang stated that “five percent of Clark’s entire assets will be used, and this is six times bigger than the hectare or land area in Bonifacio Global City [BGC].”

The state-run enterprise is also talking with Congress to convert and target the residential aspect of developments, as the BCDA chief mentioned that they have secured house approval under House Speaker Martin Romualdez.

Although interested property developers are yet to be disclosed, the BCDA chief stated, “We have a masterplan to occupy all land uses for residential, and developers know about this and even asking for land inside Clark.”

He also suggested they try a piece of land in New Clark City, Tarlac.

Bingcang noted that the BCDA is actively addressing the economic requirements for the housing plans by making deals with the Department of Housing to construct at least 10,000 houses.

Recently, they also planned on taking up lease agreements with the Manila International Airport Authority (MIAA) for the Ninoy Aquino International Airport (NAIA) Terminal 3.

According to the BCDA chief, they would like to revisit the annual rental property terms or sell the area for P50 billion.

Related Tags

Clark Freeport Zone New Clark City Clark Airport BCDA President and CEO Aileen R. Zosa BCDA
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