Clark Freeport and Special Economic Zone attracted P44.5 billion worth of investments as of March 15, 2024, exceeding the targets set by Clark Development Corp. (CDC) president Agnes Devanadera.
Devanadera, in a report to Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) Frederick Go, attributed the robust investments to the dynamic business climate in Clark.
“On behalf of the national government and the country, thank you for your continued interest in investing in the Philippines, particularly in Clark,” Go said a recent meeting with CDC at Malacanang.
“Whenever I talk to investors in the Philippines, I always advocate for the Clark area, especially for highly urbanized or highly commercialized forms of investment, because I believe it is the best location for them to enter,” the Philippines’ economic czar said.
The reported investments represent direct leases within the Freeport in various sectors such as renewable energy, tourism, semiconductors, electronics, pharmaceuticals, medical devices, green minerals, food and agriculture and steel.
Among these investments were the P20-billion tourism and leisure development of Donggwang Clark Corp.; BB International Leisure and Resort Development Corp.’s P15-billion integrated resort and water theme park facilities; and DeviceDesign Philippines Corp’s P103-million expansion of its electronics manufacturing.
Yokohama Tire Philippines Inc. will also infuse an additional investment of P3.5 billion to expand manufacturing operations and daily output capacity within the Freeport.
Local investors, including Clark Water Corp., are investing P5.56 billion for service improvement projects while the Philippine Exporter Foundation Region III Inc. is investing P30.6 million in a lifestyle showroom and pasalubong center.
Companies like Habibia Corp. are investing P22 million; JBW Floor Center Inc., P5.8 million; Otonari Food OPC, P40 million; and Nationstar Development Corp., P126.95 million.
New and expansion projects are expected to add 5,833 new employees to the Freeport’s workforce. Legacy projects such the Clark Multi-Specialty Medical Center (CMSMC) and the National Museum of the Philippines for North and Central Luzon are also underway.