CDC revives old projects in Clark-A A +A
Wednesday, January 22, 2014
CLARK FREEPORT -- The Clark Development Corporation (CDC) has revived 10 non-performing projects, which incurred various problems after the signing of lease agreement with the state-owned firm.
The firms were advised to renew their timelines and continue the projects.
The projects, mostly tourism-related undertakings, are expected to renew their commitment with CDC and honor their agreements.
This is one of the thrust of CDC President Arthur Tugade after assuming the corporation presidency on December 18, 2012.
Among the projects are Global Clark Assets Corporation signed with CDC on January 1, 1997, which planned to develop a $46.51 international sports complex, and Citi Gloves, a gloves manufacturing firm, which signed a lease agreement on June 15, 1994.
Also revived last year were BB International Leisure & Resort Corporation, a tourism project which signed an agreement on September 29, 2006, but failed to follow their timelines until 2013; Eaglesky Technology Amusement & Gaming Inc., developer of Midori Hotel Clark; Ritzville Corporation, developer of retirement villas; the wakeboarding project of Tourism Infrastructure and Economic Authority Zone (TIEZA) or former Philippine Tourism Authority; Taiyo Phils. Inc.’s air separation plant facility; Y&K Development Corporation’s hotel and language institute; NT Live’s housing and leisure town project; and Durban Realty for its residential project.
The CDC asked the proponents of the projects to provide the state-owned firm their timelines and phases for the development of their projects.
CDC was able to revive the firms’ investment commitment of over $177 million and employment generation of 5,180 once firms are fully operational as specified in their new timelines.
Two firms have also turned over to CDC some 26.2 hectares of land which will not be used by the proponents.
CDC was able to recover from BB International some 20 hectares of land, and Ritzville Corporation,6.2 hectares.
The recovered properties from the two tourism-related projects will be offered to prospective investors of CDC in the coming years.
Published in the Sun.Star Pampanga newspaper on January 23, 2014.