Clark investments hit P308B in 2023
PAMPANGA’S growth received a significant boost from Clark Freeport Zone’s (CFZ) actual investments as it reached roughly P308.23 billion last year, according to the top executive of the Clark Development Corp. (CDC).
In a public briefing on Thursday, CDC President Agnes Devanadera said CFZ’s investment commitments already amounted to P258.11 billion, surpassing the P2.3 billion recorded by the company in 2022.
“This has also given us 1,187 locators. That’s how many investors are already here and doing business in Clark,” said Devanadera.
Meanwhile, CFZ’s total export value stood at $5.1 billion — approximately P288.4 billion at a current price — in 2023, lower than the $5.4 billion (about P305.4 billion at a current price) logged in 2022.
CDC, a government-owned and -controlled corporation, is mandated to operate and develop CFZ and Clark Special Economic Zone.
Devanadera claimed that the freeport zone has given Pampanga’s economy a significant boost as it has provided employment opportunities to the locals of the province.
She noted there are currently about 138,364 workers in the freeport zone, adding that the job opportunities provided in the area are said to have been contributing to the decrease in the province’s poverty rate.
“Since Clark is located in Pampanga, residents of that province will naturally be the first to be employed. This is what we observe as the effect on the poverty rate in Pampanga,” the CDC executive said in Filipino.
“This is what lowers our poverty rate. This is the best strategy to address poverty among our people — employment,” she added.
Devanadera said the CDC has partnered with Technical Education and Skills Development Authority and the Department of Labor and Employment to provide skills development training to workers in the freeport zone.
“The number of jobs that can be offered is being increased with assistance from several government agencies, and investors are pleased that there are always workers available when they need them,” she said in Filipino.