BCDA, Filinvest ink deal on development of 288-ha portion of Clark Green City

MANILA, Philippines - State-owned Bases Conversion and Development Authority (BCDA) has inked a deal with Filinvest for the joint venture partnership and development of the initial 288–hectare parcel of Clark Green City.

In a statement over the weekend, BCDA said the deal marked the first step toward the full development of the BCDA’s flagship project—the 9,450-hectare modern Clark Green City.

“The signing of this joint venture agreement with Filinvest Land jumpstarts the full development of Clark Green City as the country’s first smart, green and disaster-resilient metropolis,” BCDA president and CEO Arnel Paciano Casanova said.

Casanova said the joint venture corporation would be owned 45 percent by BCDA and 55 percent by FLI.

The joint venture agreement has a term of 50 years renewable for another 50 years.

“With the signing of the joint venture agreement, BCDA generated P160-million for Filinvest’s right to become BCDA’s partner for the development of the new urban core for innovation, commerce, trade and industry in the country,” Casanova said.

“Together with Filinvest Land, we will be building a new global city within the Clark Special Economic Zone that will pump-prime the economy and provide job opportunities to the people of Central Luzon and benefit the Filipino nation,” he said.

Filinvest president and CEO Josephine Gotianun-Yap said the company would soon be mapping out development plans.

Gotianun-Yap said the Filinvest parcel would have two distinct components, an industrial zone as well as a mixed-use development with residential, office, commercial and institutional elements.

“As the pioneer developer involved in Clark Green City, we are excited to be a catalyst of growth in such a visionary endeavor. At the same time, this is also a prime opportunity for us to expand our geographic footprint in Northern Luzon,” she said.