CLARK FREEPORT -- The Republic of the Philippines, through the Investor Relations Office (IRO) of the Bangko Sentral ng Pilipinas, invited a group of local and regional bank analysts, portfolio strategists, and economists to view the developments in and the ongoing construction at New Clark City.
The visit held Wednesday, September 19, was part of the government's campaign to drum up awareness of the country's boldest infrastructure agenda to date.
The guests, numbering around 50 and coming mostly from the banking industry, comprised the latest group to tour the site organized and hosted by the Bases Conversion Development Authority (BCDA).
BCDA President and CEO Vivencio Dizon formally welcomed guests, after which details of plans and projects for the New Clark City were provided through separate presentations delivered by top executives from the private-sector investors.
Presentations on developments in Clark Freeport Zone were also delivered by officials from Clark Development Corporation and Clark International Airport Corporation.
Before heading to Manila, guests were given a quick tour of the construction of the Clark International Airport's new terminal building, which is expected to accommodate additional eight million passengers annually.
"We are in exciting times. The Philippines is undergoing massive infrastructure transformation pushing the economy toward its next stage of development, and we are eager to take everyone onboard in this journey," Dizon said.
New Clark City will be the country's first smart, green, and resilient city. It is expected to be a major alternative growth hub outside Metro Manila. It measures 9,450 hectares.
Currently being constructed is Phase 1A, which is measuring 40 hectares and is targeted to be completed by September 2019. Phase 1A will house the National Government Administrative Center (NGAC) and a world-class Sports Complex.
NGAC will be a location for government offices and a housing village for government workers.
The Sports Complex will include a 20,000-seating capacity Athletic Stadium, a 2,000 seating capacity Aquatic Center, and 1,000-capacity Athletes Village. The sports facilities will be used next year during the Philippines' hosting of the 2019 Southeast Asian Games in November to December 2019.
Various commercial and industrial areas will be constructed in the succeeding phases of New Clark City.
New Clark City is owned by BCDA and is being developed with private-sector partners, including MTD Philippines and Filinvest.
According to BSP-IRO Director Elizabeth Victoria Medina-Navarro, "inviting stakeholders to witness for themselves, actual unfolding and realization of the 'Build, Build, Build' program is an effective way to demonstrate the government's commitment and political will to increase country competitiveness and to harness the Philippines' potential as a major investment site, not only in the region, but in the world." (PR)