PH Urged to Act Swiftly on Pax Silica to Capture Investment Windfall

MANILA, Philippines — The Philippines is being urged to take swift and decisive action to capitalize on the significant investment potential of the proposed Pax Silica hub in New Clark City. Edgar Chua, chairman of the Makati Business Club (MBC), stated that the massive 1,619-hectare project could begin yielding investment returns as early as late 2026 or early 2027, provided the government lays the necessary groundwork. Chua emphasized that demonstrating the country's readiness to accommodate large-scale investments is crucial for building investor confidence and driving further capital inflow. This requires the government to establish the necessary frameworks, whether through legislation or the rollout of supporting infrastructure. He also called for clearer communication regarding the specific industries Pax Silica aims to attract, enabling educational institutions to prepare graduates with the required skills. The project is part of the broader Luzon Economic Corridor (LEC) initiative, with significant US involvement, and is seen as an opportunity for the Philippines to overcome its history of "missed opportunities." Chua attributed these past failures to "poor governance" rather than the people's capabilities. The MBC is collaborating with the American Chamber of Commerce of the Philippines and the US Embassy in Manila to advance the initiative. Philippine Ambassador to the United States Jose Manuel Romualdez has warned that other Asian countries are poised to step in if Manila "drops the ball" on the project, which already involves over 30 countries. Plans for Pax Silica in the Philippines are expected to gain momentum following the targeted signing of a framework agreement between Manila and Washington in November. If finalized, the first phase could break ground as early as 2028, with full development anticipated to span approximately three decades.