US firms eye investment opportunities in Clark
CLARK FREEPORT — More than 100 US companies have expressed interest in exploring investment opportunities in Clark, especially on connective infrastructure, information and communications technology (ICT), and the critical minerals sector.
Bases Conversion and Development Authority (BCDA) Chairman Delfin Lorenzana, and President and Chief Executive Officer (CEO) Joshua Bingcang on February 15, 2024 participated in the Senior Leaders Seminar, led by US Secretary of Commerce Gina Raimondo, at the US Chamber of Commerce in Washington DC.
The agency's move is aimed to pitch investment opportunities in New Clark City, Clark Freeport, and Clark International Airport.
This business mission forms part of the efforts of Special Assistant to the President for Investment and Economic Affairs Frederick Go to drive investments in the country and make the Philippines a top investment destination.
“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.
He added that these 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.
During the event, Lorenzana and Bingcang paid a courtesy call on US Secretary of Commerce Gina Raimondo, who will lead the US Presidential Trade and Investment Mission to the Philippines from March 11-12, 2024.
Raimondo expressed her commitment to pitch the whole of Clark as an ideal investment hub for US companies eyeing to expand their business in the country.
Before over 100 US companies, Lorenzana laid out the BCDA’s comprehensive plans for New Clark City, Clark Freeport and Clark International Airport, highlighting the potential for collaboration in the public-private partnershi ps.
Among the Clark development projects pitched were the 296.5-acre Filinvest Innovation Park in New Clark City, US$3.17-billion Subic-Clark-Batangas Railway System, US$152million Clark National Food Hub, US$60million expansion of airside capabilities of Clark International Airport, US$2-billion data center colocation facility in New Clark City, 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 serves as a home to over 1,000 companies, including Texas Instruments, FedEx, Hilton, Nestle, UPS and Marriott.