MANILA, Philippines — Clark Development Corp. (CDC), one of the top investment promotion agencies (IPA) in the country, is not worried about the looming reforms in the incentives package, expressing its full support to the government’s plan to make the Philippines a more competitive investment destination.
CDC president Noel Manankil told The STAR that his agency is unfazed by the proposed rationalization of fiscal incentives as he expressed confidence “the country’s economic planners will make sure the incentives will be competitive.”
“The incentives are not being taken away. They are being rationalized,” Manankil said.
“Rest assured that whatever comes up, the government will make sure that we remain competitive as a country, as an investment destination. The government is conscious that competition is not local, it’s international,” he added.
The Philippine Economic Zone Authority, the country’s biggest IPA, has been voicing out concerns about the proposed rationalization, saying that it is causing uncertainties among its locators and causing investors to shelve expansion plans.
For CDC’s part, Manankil said both foreign and local investors continue to flock to Clark.
He said the IPA recently approved a P2-billion cheese factory project of a multinational company and the P15-billion expansion project of Korean-owned Widus International Leisure Inc. for an integrated resort to be completed within three years.
Another major project CDC approved recently is the P5-billion expansion project of Royce Hotel and Casino over the next five years
“Aside from new projects, we are getting a lot of expansion projects and there are also still a lot of BPOs coming in. We have a lot of inquiries also from local developers to put up infrastructure that is supportive of the airport development,” Manankil said.
President Duterte has earlier emphasized the importance of developing the Clark Freeport as an alternative destination for industries due to the congestion in Metro Manila.