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Manila Bulletin devider Business devider Banking & Finance devider BSP's 2028 move to New Clark City takes shape

BSP's 2028 move to New Clark City takes shape

Central bank's new hub:

Published May 24, 2025 09:37 am  |  Updated May 24, 2025 01:40 pm

New Clark City (NCC), envisioned as a modern, sustainable metropolis north of Metro Manila, is on the cusp of welcoming a national institution: a new, comprehensive facility for the Bangko Sentral ng Pilipinas (BSP). 

This ambitious project of the BSP, with a target completion date of 2028, reflects an initiative by the central bank to bolster operational resilience, support the government's long-term goal of decongesting the densely populated capital, and establish an alternative site capable of ensuring business continuity in the face of unforeseen events.

The journey towards this new BSP hub in Capas, Tarlac, has seen progress. A key milestone was recently achieved with AIDEA Inc., the appointed architectural and engineering (A&E) consultant, finalizing the intricate, detailed architectural and design documents. This meticulous planning phase is a critical precursor to the next major step: the procurement of the general contractor who will translate these designs into a physical reality.

The conceptual framework underpinning the new BSP complex has already garnered international acclaim, receiving recognition as one of the best in its category at the prestigious 2022 Architectural Masterprize (AMP) design competition under the Architectural Design-Institutional Architectural Category. This accolade not only highlights the aesthetic and functional vision for the facility but also underscores the significance placed on creating a modern and efficient central banking environment.

The BSP's commitment to this project is deeply rooted in the necessity for operational robustness and strategic redundancy. By establishing a presence in NCC, the central bank is addressing potential disruptions that could impact its operations within Metro Manila. This forward-thinking approach to business continuity and disaster preparedness is essential for maintaining the stability and integrity of the nation's financial system.

Recognizing the importance of connectivity to the burgeoning economic zone of New Clark City, the government is also prioritizing crucial infrastructure developments. Transportation Secretary Vince Dizon has consistently affirmed the commitment to complete the northern segment of the North-South Commuter Railway (NSCR) before the current administration concludes its term. This railway line is expected to improve accessibility between Metro Manila and NCC, facilitating the movement of people and goods.

Further enhancing connectivity, Dizon elaborated on the progress of a dedicated railway link between Clark International Airport (CRK) and the BSP Complex. The feasibility study for this infrastructure project is currently underway and is anticipated to be completed by August of this year. 

Following this, the government aims to finalize the loan agreement necessary for its construction before the end of 2025, signaling a strong commitment to seamless transportation access for the new BSP facility.

Complementing these developments, the Bases Conversion and Development Authority (BCDA), the agency tasked with developing New Clark City, is ensuring the creation of a supportive ecosystem for the incoming BSP workforce. 

Joshua M. Bingcang, BCDA president and chief executive officer, recently announced the signing of a contract with a South Korean firm for the construction of housing facilities in close proximity to the New Clark City BSP Complex. 

This initiative addresses the residential needs of individuals who will be working at the central bank and contributes to the overall development of a thriving community within NCC.

The establishment of the BSP facility in New Clark City represents more than just the relocation of certain functions; it signifies a broader strategic push towards decentralization and the creation of a more resilient national infrastructure.

 As the project progresses towards its anticipated completion in 2028, it underscores the collaborative efforts of various government agencies in shaping a more geographically balanced and economically robust future for the Philippines.

Related Tags

Bangko Sentral ng Pilipinas (BSP) New Clark City
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