Maharlika Investment Corp. (MIC), the operator of the country's sovereign wealth fund, has partnered with the Bases Conversion and Development Authority (BCDA) to explore investment opportunities for its properties, including Clark Freeport and Special Economic Zone.
BCDA President and Chief Executive Officer Joshua M. Bingcang and MIC PCEO Rafael D. Consing Jr. signed a memorandum of understanding on Monday, April 29, to further their plans of including some of BCDA’s projects and programs in the portfolio of Maharlika.
Under the memorandum, both the BCDA and MIC will “further discuss, share knowledge, and explore potential collaboration opportunities that will lead to a development of a feasibility study report.”
The feasibility study will include potential developments within BCDA properties, such as Clark Freeport Zone and Clark Civil Aviation Complex in Pampanga, New Clark City in Tarlac, and Poro Point Freeport Zone in La Union, among others.
The MIC will also explore the expansion of Clark International Airport, including the construction of a second runway, taxiways, aprons, and landside access roads and utilities.
In addition, it will also explore the affordable housing project in New Clark City, the Clark Integrated Public Transport System, the Poro Point Seaport Modernization Program, and the Clark Central Business District.
Most of the feasibility studies for these projects are expected to start this year and should cost around $4 billion, Bingcang said.
"Normally when we do PPPs like these majority of the project cost will be by the private sector so you take more than 60 percent there will by the private sector of the $4 billion. So the 40 percent can be discussed among government buyers," Bingcang further said.
President Ferdinand R. Marcos, Jr. earlier signed into law the Maharlika Investment Fund Act of 2023, which aims to invest in viable infrastructure projects that will help accelerate the country's growth through optimal use of government financial assets.