Tuesday, July 29, 2014
The state-owned Bases Conversion and Development Authority (BCDA) is planning to auction off 1 300 hectares of the Clark Green City project's 9 450 hectares to both local and foreign investors for lease and development in the third quarter of this year.
According to BCDA president and chief executive, Arnel Paciano Casanova, they are now preparing the terms of reference and once finalized, they hope to start the process for the first phase by the third quarter.
He says the BDA is planning to subdivide the project's first phase into several pieces and investors will include real estate developers, township builders and industrial park builders. The projected cost of this first phase of the project is P59 billion, split between both international and local private sectors.
Clark Green City is expected to provide opportunity for 100 percent foreign-owned companies to invest in the Philippines' urban development, which in turn should theoretically accelerate foreign investment in the country's economy.
Casanova says they have been given the green light to plant the seeds of growth and development for the future generation. He says this is the first time the Philippines is building a new city from the ground up. Clark Green City will serve as the urban core of the Central Luzon metropolis, he says.
Casanova also expects Clark Green City to play a prime role in increasing the Philippines' competitiveness within the Southeast Asian region, especially with the impending economic integration of the Association of Southeast Asian Nations (ASEAN).
“It will open up the region to global trade and investments owing to the world-class infrastructure that is already within reach like the Clark International Airport, the Subic Bay Seaport and the Subic-Clark-Tarlac Expressway (SCTEX).”
According to the BCDA, when finished, Clark Green City is projected to generate 925 000 jobs and contribute around P1.57 trillion to the Philippine economy.