‘Build, Build, Build’ projects lure foreign investments to Clark

By Kris Crismundo

February 22, 2022, 6:44 pm

MANILA – The administration’s “Build, Build, Build” infrastructure program is expected to continue attracting foreign investments to Clark to create a new metropolis outside Metro Manila.
During the Clark business conference Tuesday, Clark Development Corp. (CDC) Business Development and Business Enhancement Group vice president Rhyna Ventura said CDC has attracted PHP3.68 billion of foreign investments last year, 43 percent higher than the PHP2.6 billion approved foreign investments in 2020.
She said these foreign investment commitments will create 6,690 jobs.
Ventura said aside from foreign investments, the number of Filipino investments in CDC increased by 16 percent in the same period.
National Economic and Development Authority (NEDA) officer-in-charge Undersecretary for Investment Programming Group Roderick Planta said many of the infrastructure projects under the “Build, Build, Build” program are benefitting Central Luzon, especially attracting investments into Clark.
These investments include the New Clark City, which houses the National Government Administrative Center and a mixed-use industrial and real estate project of Bases Conversion and Development Authority (BCDA) and Filinvest Land Inc. up for completion this year.
The newly inaugurated terminal building of the Clark International Airport has improved passenger capacity to eight million annually.
Planta also cited railway projects that will improve mobility between Clark and Metro Manila, such as the Philippine National Railway (PNR) North Project 1 Manila and Bulacan, and the PNR North Project 2 that extends the PNR North Project 1 to Clark International Airport and New Clark City.
As of December 2021, PNR North 1 and 2 are 54 percent and 35 percent complete, respectively.
The Subic-Clark Railway Project, which is currently in the project development stage, is also expected to improve transport of cargoes between Subic Bay Freeport Zone and the Clark Freeport and Special Economic Zone.
Meanwhile, European Union Delegation’s first counselor and head of trade and economic affairs Maurizio Cellini said the Philippines and Clark become a more attractive investment destination for European entrepreneurs as key economic bills were passed in the Congress. 
These bills include the amendments to the Retail Trade Liberalization Act, Foreign Investments Act, and the Public Service Act, he said.
“The region of Clark plays a crucial role in the strategic development of the country,” Cellini said.
He said the Philippines and European companies have many opportunities for collaboration especially in developing Clark, as European firms have the capacity and technical expertise in the sectors of real estate, transportation, manufacturing, retail, and environmental solutions, among others. (PNA)