Philippines: Clark Green City project to boost investments

Bases Conversion and Development Authority president Arnel Paciano Casanova said Wednesday the Clark Green City project will boost economic growth in Central Luzon.

Casanova said the project, spanning an area 100 times that of Bonifacio Global City and half the size of the entire Metro Manila, would “drive all the economic activities and investments in the area.”

He said with Clark as a special economic zone, foreigners could lease the land in Clark Green City for 50 years under the Foreign Investors Lease Act.

Casanova stressed the importance of building the Clark Green City as one of the focal points of this year’s international convention on free ports and special economic zones in London next month.

Casanova was invited to speak on the Clark project, which is currently masterplanned for implementation next year.

“I  welcome this opportunity to showcase to the global investment community the  new  exciting  developments  taking place in the country and for these investors  to  consider  the  Philippines  as  their  next major investment haven,”  Casanova  said.

He said the President  Benigno Aquino  had paved  the  way  for  the  country’s sound economic fundamentals  and  for  foreign  investors  to  take a keen interest in the country.

Casanova accepted the invitation by 2012 World  Free  Zone Convention chairman Graham Mather to be among the speakers  of  the convention dubbed  “Free  and  Special Economic  Zones:  Delivering  Economic Growth and Societal Advance.”

The event  will  have special emphasis on public-private partnership and investment in infrastructure.

The Clark Green City has an estimated implementation cost of $5 billion over a 20-year period.  The entire 36,000-hectare area is now being masterplanned.

Source: Manila Standard Today