The Bases Conversion and Development Authority (BCDA) said it has recorded a total approved investments of P7.72 billion in the first quarter of the year.
The government agency said the figure represents a 209.9% jump from P2.49 billion in the same quarter last year.
“The BCDA’s strong performance is a testament to the private sector’s steadfast confidence in the long-term potential of our economic zones, including New Clark City and Camp John Hay. These high-impact investments will surely spur business activity and drive economic growth, providing more employment and livelihood opportunities for the local communities,” BCDA President and Chief Executive Officer Joshua Bingcang said.
The BCDA said the bulk of it's investment portfolio during the period came from local investors, contributing to P5.81 billion.
The remaining P1.91 billion was infused by foreign investors, it added.
Among the major players is Science Park of the Philippines Inc., a local real estate developer that signed a 50-year contract lease for the development of a 100-hectare industrial park in New Clark City with a total project cost of P2.7 billion.
Another major investor is the Filipino-South Korean consortium composed of Sta. Clara International Corporation, Saekyung Realty Corporation, and Korea Overseas Infrastructure and Urban Development Corporation.
The group has committed to investing P4.8 billion to build an affordable housing facility in New Clark City, a portion of to be allocated for the Marcos administration’s Pambansang Pabahay Para sa Pilipino Program.
Four local corporations have also partnered with the BCDA for the continued development of the hospitality and food industries in Camp John Hay, following the government’s recovery of the 247-hectare leased area within the ecotourism zone.
These include Stern Real Estate and Development Corp., which committed P178 million for the lease and expansion of the Le Monet Hotel and Filling Station food court.
Food and beverage firms Top Taste and Trading Inc., Amare La Cucina, and Prime Collective Corp. have also signed agreements to establish new restaurants and cafes in the area.
Top Taste and Prime Collective have pledged P20 million in investments each, while Amare has committed P30 million.
“As we continue to build inclusive, sustainable, and future-ready cities, we invite more investors to explore vast opportunities within our ecozones and to become partners in driving transformative, game-changing projects that will help shape the future of our nation,” Bingcang said.
BCDA is a government instrumentality vested with corporate powers under Republic Act 7227.
The agency said "it remains a major force in creating economic opportunities in the country through its establishment of integrated developments, dynamic business centers, and vibrant communities."