Central Luzon pitched as good investment destination

MANILA, Philippines — South Korean firms  are encouraged to consider investing in areas in Central Luzon, including New Clark City, as a delegation from the region recently held an outbound business mission to the East Asian country.

In a statement yesterday, the Bases Conversion and Development Authority (BCDA) said it participated in the recent Central Luzon Outbound Trade and Investment Mission to Korea hosted by the Central Luzon Growth Corridor Foundation Inc. (CLGCFI).

The mission gave local government units (LGUs) and investment promotion agencies in the region the opportunity to establish linkages with South Korean companies  and benchmark best practices from industry experts.

Apart from the BCDA, representatives from the Department of Trade and Industry (DTI), Authority of the Freeport of Bataan, and the LGUs of Bataan, Tarlac and Zambales also participated in the business mission.

The delegation held a conference with potential investors where Tarlac Governor and CLGCFI president Susan Yap touted Central Luzon as one of the leading growth areas in the Philippines.

Yap also listed the reasons why Central Luzon is the perfect place for South Korean companies to expand their businesses.

“First, the centrality of our location. It is easily accessible within two- to four-hour air travel from (South) Korea,” Yap said.

“Expanding infrastructure – it’s on its way to becoming a single, contiguous geographic and economic growth corridor providing world-class logistics, infrastructure and services,” she said.

For his part, Trade Undersecretary for Industry Development and Trade Policy Ceferino Rodolfo said that the Philippines is an ideal regional hub for sustainable and innovation-driven agriculture, manufacturing and services sectors, citing the country’s sound economic fundamentals and investment ratings, and game-changing laws and policies.

“With an already strong partnership, the Philippines and South Korea can further level its complementation on the vast opportunities brought about by global disruptions.  The Philippines–one of Asia’s fastest-growing economies, is ready for global investors,” Rodolfo said.

The 9,450-hectare New Clark City in Tarlac was among the freeport zones highlighted during the trade mission.

BCDA vice president for public affairs Leilani Macasaet encouraged Korean investors to consider locating in New Clark City or participating in future projects and developments in the area.

“Clark raises the standard of what cities should be in a country that has been aspiring for a high-quality environment where people can live, learn, work, and play. We hope for you to be part of this development,” Macasaet said.

The BCDA also met with potential locators who are exploring opportunities in New Clark City, particularly in the fields of housing and smart technologies.

Meanwhile, Philippine Ambassador to the Republic of Korea Maria Theresa Dizon-De Vega, who hails from Central Luzon, attested to the attractive features of Central Luzon, which she dubbed as a super region close to Metro Manila.

“It is home to dynamic provinces and the region combines the advantages of international airports, seaports, industrial zones and agricultural areas, as well as tourism and leisure sites, including a well-connected road network,” she said.

The ambassador expressed hope that the trade mission would strengthen the business, investment, and travel relations between South Korea and Central Luzon in the Philippines.

CLGCFI is mandated to provide policy decisions and to facilitate the planning, coordination, and monitoring of investment and trade-related projects of Central Luzon. Its members include the provincial governors of Aurora, Bataan, Bulacan, Nueva Ecija, Pampanga, Tarlac, and Zambales; the Department of Trade Undersecretary for Industry and Investments, and the Department of Trade and Industry-3 Regional Director.