100 US firms keen to invest in Clark City, BCDA reports
OVER 100 US companies have expressed interest in exploring investment opportunities in Clark, particularly in the areas of connective infrastructure, information and communications technology (ICT) and the critical minerals sector, according to the Bases Conversion and Development Authority (BCDA).
BCDA President and CEO Joshua M. Bingcang said Clark’s transition to being the “top tourist destination and investment hub in Central Luzon,” from being a US military air base, has prompted American firms to set their sights on the city.
“With significant developments happening in Clark, many US companies are taking notice. This is why they want to have a big role in Clark developments,” Bingcang said in a statement on Thursday.
Last February 15, Bingcang, along with BCDA Chairman Delfin N. Lorenzana, participated in the Senior Leaders Seminar led by US Secretary of Commerce Gina Raimondo at the US Chamber of Commerce in Washington DC to pitch investment opportunities in BCDA’S subsidiaries such as the New Clark City, Clark Freeport Zone, and Clark International Airport.
For her part, Raimondo, who is set to lead the US Presidential Trade and Investment Mission to the Philippines on March 11 and 12, 2024, “declared her commitment” to pitch the whole of Clark as an ideal investment hub for US companies eyeing to expand their business in the country, the BCDA said.
Before over 100 American firms, Lorenzana presented the BCDA’S “comprehensive” plans for New Clark City, Clark Freeport Zone and Clark International Airport, highlighting the potential for collaboration in the public-private partnerships.
Among the Clark development projects pitched, the BCDA noted, were the 296.5-acre Filinvest Innovation Park in New Clark City; Us$3.17-billion Subic-clark-batangas Railway System; Us$152-million Clark National Food Hub; Us$60-million expansion of airside capabilities of Clark International Airport; Us$2-billion data center colocation facility in New Clark City.
More development projects pitched were the Us$172-million solid waste management and waste-to-energy project in New Clark City; Us$17.9-million solar photovoltaic power plant in New Clark City, and Us$100-million Clark Integrated Public Transport System.
As of 2023, Clark houses over 1,000 companies, including semiconductor manufacturing firm Texas Instruments, American multinational company Fedex, multinational hospitality firm Hilton, global multinational food and beverage company Nestle, multinational shipping firm (United Parcel Service) UPS and Mariott, a multinational hotel and lodging firm.