ASIAN HUB. BCDA president and CEO Joshua Bingcang shares on Tuesday (Jan. 16, 2024) that three global logistics companies will be investing billions of dollars inside Clark Freeport and Special Economic Zone within the first quarter of the year. These firms are making the Philippines their hub in Asia. (PNA photo by Kris Crismundo)
MANILA – Three logistics companies are eyeing to make the Philippines as their regional hub in Asia by putting up their facilities at the Clark Freeport and Special Economic Zone, Bases Conversion and Development Authority (BCDA) president and chief executive officer Joshua Bingcang said.
In an interview in Makati City Tuesday, Bingcang said these companies will be investing more than USD1 billion this year to start their operations in the country.
He said the BCDA is finalizing the agreements for these three logistics firms and the government-owned and controlled corporation (GOCC) is expected to name the companies during the first quarter of the year.
“We are now at the tail end of finalizing agreements with global logistics companies, at least three big global logistics companies that will make Clark their Asian hub —not just operations in the country but make it their Asian hub,” he added.
Bingcang said the Clark area will play an important role in bringing in foreign direct investments (FDIs) into the country, in line with the Marcos administration’s goal of becoming the second highest destination for FDIs in Southeast Asia by 2028.
“On our part, we want to make sure that we provide a conducive environment for them when they come in,” he said.
Moreover, Bingcang said the new locators are projected to contribute additional revenues of PHP1 billion annually from lease as well as take-off and landing fees.
He said the companies will be developing some 20 out of the 70 hectares earmarked for airside facilities. The entire 70 hectares can accommodate up to eight spaces.
Bingcang said these logistics firms will be generating 3,000 to 4,000 jobs in Clark.
AFP modernization
For the past 30 years, the BCDA has contributed a total of PHP78.34 billion to the Armed Forces of the Philippines (AFP) Modernization Program and the replication of military facilities.
These came from the proceeds from the sale, lease or joint venture agreements of former military bases.
Under Republic Act 7227, the BCDA was authorized to generate income by partnering with the private sector in developing former military camps.
To contribute more to the AFP Modernization Program, Bingcang said the BCDA targets to remit more to the national government. (PNA)
