THE State-run firm Bases Conversion and Development Authority (BCDA) remains optimistic that projects for the Luzon Economic Corridor (LWC), its vision for Clark metropolis as Asia’s next investment hub, nears fruition after Washington and Tokyo’s endorsement.
A statement the BCDA issued last Monday identified these projects as the Subic-Clark Railway Project (SCRP), the expansion of the Clark International Airport and the Clark National Food Hub.
According to the BCDA, these “high-impact” projects are being offered to American and Japanese investors in the proposed Luzon Economic Corridor. The latter forms part of the Group of Seven (G7) Partnership for Global Infrastructure and Investment (PGII).
The 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. The G7 is an intergovernmental organization which is composed of France, Germany, Italy, Japan, the United States, the United Kingdom and Canada.
Citing a joint vision statement released by the White House, the state-run firm said President Ferdinand R. Marcos, Jr., US President Joe Biden and Japanese Prime Minister Fumio Kishida said the three countries are partnering on the LEC, the first PGII corridor in the Indo-Pacific. The LEC will support connectivity between Subic Bay, Clark, Manila and Batangas in the Philippines.
BCDA President and CEO Joshua M. Bingcang was quoted in a statement issued last Monday as “confident” that the inclusion of the three projects in the LEC “will help us accelerate the implementation of these game-changing infrastructure projects, not just for the country but for the whole Indo-Pacific region.”
A joint statement confirmed the commitment of Japan, the Philippines and the United States “to accelerating coordinated investments in high-impact infrastructure projects” through the G7 PGII.
Trade and Industry Secretary Alfredo E. Pascual told reporters at a briefing last week he will pitch the three projects at the upcoming Indo-Pacific Investor Forum to be held in Singapore.
Pascual said the projects “would really strengthen the industrial estates that are already proliferating in Cavite, Batangas, also in Central Luzon.” He added the corridor “will help further develop the New Clark City that’s being started in Central Luzon.”
“Kaya we are preparing yung mga Philippine projects that will be part…. yung sinabi ‘kong three projects in the Central Luzon Economic Corridor are just three of several projects. So gagawan natin ng mga materials yun so they can be considered by investors,” Pascual said.
According to the BCDA, the SCRP is a joint project with the Department of Transportation (DOTr) and 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,” the state-run firm noted.
The BCDA said the expansion of Clark International Airport would include the construction of a second runway, taxiways, aprons, and landside access roads and utilities, intended to cater to major logistics firms locating in Clark.
Meanwhile, the BCDA subsidiary Clark International Airport Corp. 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,” according to the BCDA.