Clark freeport attracts P44.5B investment in 1st quarter of 2024

CLARK FREEPORT ZONE — Different foreign and local companies have committed to invest P44.5 billion in this freeport in the first quarter of this year, the Clark Development Corporation (CDC) disclosed on Monday.

In a statement, the CDC said the investments include new projects by first-time locators and expansion projects that are set to be started this year as stipulated in their respective contracts with the state-owned corporation.

It said lawyer Agnes Devanadera, CDC president and chief executive officer, had presented the P44.5 investment to Secretary Frederick Go, special assistant to the President for investment and economic affairs, during a recent meeting at the Heroes Hall in Malacañang.

The CDC said the investments are direct leases in renewable energy, tourism, semiconductors, electronics, pharmaceuticals, medical devices, green minerals, food and agriculture, and steel manufacturing.

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Some officials of Clark freeport locators participated in the meeting at the palace. Among them are foreign companies that included Donggwang Clark Corporation, a developer of tourism and leisure estates which will infuse additional P20 billion; BB International Leisure and Resort Development Corporation, a developer of integrated resort and water theme park facilities which has committed additional investment of P15 billion; and DeviceDesign Philippines Corp., a company in electronics manufacturing, allotting P103 million investment for its expansion plan.

The CDC said Go had expressed gratitude to investors during the meeting for their continued interest in investing in the Philippines.

“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 CDC quoted the secretary as saying.

The Yokohama Tire Philippines, Inc. is set to infuse an additional investment of P3.5 billion to expand its manufacturing operations and its Clark plant’s daily output capacity.

The Clark Water Corporation earmarks 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.

The CDC said other companies infusing investments include Habibia Corp. (P22 million), JBW Floor Center Inc. (P5.8 million), Otonari Food OPC (P40 million), and Nationstar Development Corporation (P126.95 million).

It said some 5,833 new jobs are expected to be available with these investments. INQ