US firms see business prospects in Clark

AT least 100 US companies have expressed interest in exploring investment opportunities in Clark, especially IN THE fiELDS OF CONNECTIVE INFRASTRUCTURE, INFORMATION AND COMMUNICATIONS TECHNOLOGY (ICT), and the critical minerals sector.

This was announced by the Bases Conversion and Development Authority (BCDA) following the Senior Leaders Seminar at the US Chamber of Commerce in Washington D.C.

BCDA Chairman and President Delfin Lorenzana and Chief Executive Officer Joshua Bingcang led the BCDA delegation in the seminar presided by US Secretary of Commerce Gina Raimondo.

During the activity, Bingcang pitched investment opportunities in New Clark City (NCC), Clark Freeport Zone (CFZ) and Clark International Airport (CRK).

The business mission was part of the efforts of Special Assistant to the President for Investment and Economic Affairs Frederick Go to pull businesses in the country and make the Philippines a top investment destination.

There, Bingcang proclaimed that from a former US military air base, Clark has grown into being the top tourist destination and investment hub in Central Luzon.

“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,” said Bingcang, adding that investment promotions efforts are consistent with Go’s push to attract more foreign capital and business expertise in critical sectors, including infrastructure, pharmaceuticals and logistics.

Lorenzana, on the other hand, laid out BCDA’s comprehensive plans for NCC, CFZ and CRK, highlighting the potential for collaboration in the public-private partnerships.

Among the Clark development projects presented were the NCC’s 296.5-acre Filinvest Innovation Park, $2-billion data center colocation facility, $172-million solid waste management and waste-to-energy project, and $17.9-million solar photovoltaic power plant; the $3.17-billion Subic-Clark-Batangas Railway System; $152-million Clark National Food Hub; $60-million expansion of airside capabilities of CRK; and the $100-million Clark Integrated Public Transport System.

As of 2023, Clark serves as home to over 1,000 companies, including Texas Instruments, FedEx, Hilton, Nestle, UPS, and Marriott.

Moreover, BCDA also convinced Raimondo to lead the US Presidential Trade and Investment Mission to the Philippines from March 11 to 12, who then expressed commitment to echo Clark as an ideal investment hub for US companies eyeing to expand their business in the country.