Peregrine to build $1.5-B logistics hub in Clark

US-based advisory and management company Peregrine Development International Inc. is investing $1.5 billion for a logistics hub in the Clark Freeport, a ranking government official said.

“We are optimistic that this new project will intensify the interest of more foreign investors here,” Clark Development Corp. (CDC) president Benigno N. Ricafort told The STAR in an interview.

He said, the logistics hub will be built beside the international airport and will be operational by 2010.

Peregrine, based in Oklahoma, focuses on advisory and consulting services, project and construction management.  It has extensive experience in US federal, state and local contracts. The Philippine branch will manage ongoing projects.

Meanwhile, CDC announced that 55 investment projects were signed over the past 10 months, bringing to 781 the total number of projects in the freeport.

CDC’s Marketing Department reported that the new investments in Clark are expected to bring fresh capital with a projected commitment of P14 billion in the next five years.

The report stated that the biggest investment haul for the year came from new tourism projects with P9.2 billion in committed investments in the next five years from the 10 new projects.

The report also said more than P2.18 billion worth of investments for the next five years will come from the 33 IT-related projects that signed leases and sub leases agreements.

More than 13,000 workers are expected to be generated from the new investment projects signed from January to September this year.

Earlier, CDC assistant vice president for investment and promotions Bernardo Angeles Jr. said P8 billion to P10 billion of fresh investments are expected this year – which is about almost 70 percent of the P5 billion to P6 billion worth of investments generated in 2007.”

“We also brought down the cost of power, giving us the cheapest rates in Luzon ,” Angeles said.

Total investments in the Clark Special Economic Zone have reached P30.51 billion in 2007, he said, adding that in 2006, locators infused only P3.5 billion.

CDC also said existing locators have also expanded their businesses and infused about P5 billion for their expansions programs. The locators are looking forward to the construction of a 1,000-room hotel, an 18-hole golf course, and several luxury villas.