Clark Economic Zone to Study Investment Opportunities with Standard Chartered

THE Bases Conversion and Development Authority (BCDA) said it signed a memorandum of understanding (MoU) with Standard Chartered Bank to jointly study development opportunities for the Clark Freeport and Special Economic Zone. This partnership aims to accelerate investment attraction to the Clark region and contribute to the development of the Luzon Economic Corridor. In a statement on Wednesday, the BCDA said the MoU seeks to explore urban development and investment opportunities within the Pampanga ecozone. “Both parties intend to share knowledge, hold regular quarterly discussions, and perform feasibility evaluations to advance potential project opportunities,” the BCDA said. After the study, Standard Chartered Bank may recommend financing solutions and other forms of support for projects deemed feasible and viable. The bank may also negotiate with the BCDA an appropriate agreement and mode of collaboration for the project, it added. BCDA President and Chief Executive Officer Joshua M. Bingcang said the partnership will help the authority mobilize capital needed to move projects forward. “This can ease the financing burden on the government and our private sector partners, while allowing us to pursue more projects that can generate investments, create jobs, and strengthen our communities,” he was quoted as saying. The BCDA is seeking to attract investments in semiconductors and advanced manufacturing, aviation, logistics, and sustainable urban development in Clark. The BCDA said it hopes to position Clark Freeport as a viable investment destination, and contribute to the development of the Luzon Economic Corridor. Clark is one of four major economic hubs within the Luzon Economic Corridor — alongside Metro Manila, Batangas, and Subic. The Clark region is home to major infrastructure and estate developments like the Clark Freeport Zone, Clark Aviation Capital, Clark International Airport, and New Clark City. — Beatriz Marie D. Cruz