Clark investments seen to reach $3B by 2010

Investments at the Clark Freeport Zone are expected to reach $3 billion by 2010, Clark Development Corp. (CDC) president Benigno N. Ricafort said.

In an interview, Ricafort said they are expanding the freeport because many locators have signified interest at locating in the former American military detachment in Pampanga.

In fact, he said they are developing a subzone with an area of 10,600 hectares, of which about one-fourth or 2,500 hectares has commercial value. The remaining area is steep and agricultural.

He said investments in the new subzone will mainly be tourism related companies and light industries.

Ricafort said the additional investment in the new subzone will generate employment not only for the people of Pampanga but also for people in surrounding provinces.

Earlier, Ricafort said the Peregrine Development International Inc. is investing $1.5 billion for a logistics hub in Clark.

“We are optimistic that this new project will intensify the interest of more foreign investors here,” he said.

According to Ricafort, the logistics hub will be built beside the international airport in Clark and will be operational by 2010.

Peregrine is a US based limited liability company based in Oklahoma. It focuses on advisory and consulting services, project and construction management and construction management.

It has extensive experience in US federal, state and local contracts. The Philippine branch will manage ongoing projects.

CDC assistant vice president for investment and promotions Bernardo Angeles, Jr. said P8 to 10 billion in fresh investments were expected last year, almost 70 percent more than the P5 to 6 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 Freeport and the Clark Special Economic Zone reached P30.51 billion in 2007, he said, adding that in 2006, locators infused some P3.5 billion in new capital.