3 BCDA projects endorsed for Luzon Economic Corridor
CLARK FREEPORT --- The Bases Conversion and Development Authority (BCDA) said that three of its projects -- Subic-Clark Railway Project (SCRP), expansion of the Clark International Airport, and the Clark National Food Hub are among the high-impact projects offered to American and Japanese investors in the proposed Luzon Economic Corridor.
The growth corridor forms part of the Group of Seven (G7) Partnership for Global Infrastructure and Investment (PGII).
G7 PGII is a shared commitment by the world's largest developed economies to advance public and private investments in sustainable, inclusive, resilient and quality infrastructure by mobilizing up to US$600 billion by 2027.
G7 is an intergovernmental organization made up of France, Germany, Italy, Japan, the United States, the United Kingdom, and Canada.
In a joint vision statement released by the White House, Philippine President Ferdinand Marcos Jr, US President Joe Biden, and Japanese Prime Minister Fumio Kishida said the three countries are partnering on the first PGII corridor in the Indo-Pacific, Luzon Economic Corridor, which will support connectivity between Subic Bay, Clark, Manila, and Batangas in the Philippines.
“Through this corridor, part of the Partnership for Global Infrastructure and Investment-IPEF Accelerator, Japan, the Philippines, and the United States commit to accelerating coordinated investments in high-impact infrastructure projects,” the joint vision statement read.
This was a result of a trilateral meeting among the US, Philippines and Japan in Washington in April.
BCDA President and Chief Executive Officer Joshua M. Bingcang said their agency is optimistic that through the endorsement from the leaders of two of the world’s largest developed countries, the US and Japan, its vision for Clark metropolis as Asia’s next investment hub will soon be realized.
“We are confident that the inclusion of SCRP, expansion of Clark International Airport, and the Clark National Food Hub in the proposed Luzon Economic Corridor will help us accelerate the implementation of these game-changing infrastructure projects, not just for the country but for the whole Indo-Pacific region,” said Bingcang.
SCRP, a joint project with the Department of Transportation, is an integral part of the Philippine National Railways Luzon System Development Framework.
Once completed, it will provide initial freight service between the Subic Bay Freeport Zone and the Clark Freeport and Special Economic Zone, linking Subic Port with Clark International Airport and other major economic hubs in Central Luzon, especially New Clark City.
BCDA is also embarking on the expansion of Clark International Airport, which includes the construction of a second runway, taxiways, aprons, and landside access roads and utilities, intended to cater to major logistics firms locating in Clark.
Clark International Airport Corporation, a subsidiary of BCDA, will also develop the 64-hectare Clark National Food Terminal hub aimed at making the Philippines a leading agricultural resource hub in the region and the world.
These three high-impact projects are BCDA's contribution to the efforts of Special Assistant to the President for Investment and Economic Affairs Frederick Go to drive sustainable and inclusive economic growth in the country and make the Philippines a top investment destination.