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Manila Bulletin devider Business devider BCDA seeks British investors to propel New Clark City development

BCDA seeks British investors to propel New Clark City development

Published Feb 15, 2024 04:30 am

State-run Bases Conversion and Development Authority (BCDA) is seeking possible investments from the United Kingdom to finance and implement two major New Clark City projects.

In a statement on Thursday, Feb. 15, BCDA said the agency held discussions with representatives from the UK government and investors regarding the financing and delivery of sustainable infrastructure projects.

At the meeting, BCDA presented the ongoing pipeline projects in New Clark City.

BCDA President and Chief Executive Officer (CEO) Joshua Bingcang said that getting UK support would allow them to apply British practices and expertise in the New Clark City projects, as well as aim for sustainability.

“As we now move forward with the next stage of implementation for both projects, we once again urge the government, as well as the private sector in the UK to consider helping us finance and execute these projects to achieve a truly inclusive and sustainable community in New Clark City,” he said.

Bingcang briefed UK investors and other stakeholders on their plans for the New Clark City Central Park, which is a 44.8-hectare open recreational space to become one of the biggest public parks in the country, as well as the 33.89-hectare mixed-income housing project.

The Central Park is estimated to cost around P2.58 billion, while P10.68 billion is expected for the housing area.

Aside from the two ongoing propositions, the BCDA met with other infrastructure companies, real estate developers, and private sector investors.

Organizations involved during the briefing were the Department for Business and Trade (DBT), the UK Export Finance, Infrastructure and Projects Authority, Transport for London, and Crossrail International.

Meanwhile, Bingcang and other development authority delegates showed interest in the area of transportation.

They went on familiarization tours to study UK’s sustainable urban redevelopment and transit-oriented developments (TODs). This allowed the BCDA to benchmark and evaluate which practices can be applicable to Clark.

“This outbound mission served as a venue to learn more about London’s sustainable initiatives, including the establishment of TODs around London’s stations,” Bingcang said on the topic of transportation development.

“These will guide us as we pursue our own TODs in Bonifacio Global City and in Clark,” he added.

For BCDA, this activity helped build connections between the Philippine infrastructure sector and the UK.

“This business mission followed the investment roadshow organized [by us] and UK FCDO back in 2022 as part of the latter’s assistance to the BCDA under the GFC Programme, an initiative that aims to promote inclusive and sustainable economic growth and urban resilience in 19 cities across the world, including New Clark City.,” the state-run enterprise said.

Related Tags

United Kingdom Joshua Bingcang New Clark City clark BCDA
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