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MANILA, Philippines – President Ferdinand Marcos Jr.’s sovereign wealth fund is eyeing major investments in the Clark Freeport and Special Economic Zone in Central Luzon.
The Maharlika Investment Corporation (MIC) and the Bases Conversion and Development Authority (BCDA) inked a memorandum of understanding (MOU) on Monday, April 29, to explore investment opportunities in the latter’s portfolio.
The BCDA and MIC will “further discuss, share knowledge, and explore potential collaboration opportunities that will lead to a development of a feasibility study report.”
The MIC did not disclose a ballpark figure, but enumerated big-ticket items up for assessment, including:
- The expansion of the Clark International Airport in Pampanga, which includes the construction of a second runway, taxiways, aprons, and landside access roads and utilities
- Clark Integrated Public Transport System
- Clark Central Business District
- Affordable housing project in New Clark City, Tarlac
- Solid waste management and waste-to-energy project in New Clark City, Tarlac
- Poro Point Seaport Modernization Program in La Union
“The Maharlika Investment Corporation, born from the vision of our nation’s leadership, carries a twin mandate: to secure a high rate of return on investments while simultaneously serving as a catalyst for the Philippines’ socioeconomic advancement. Our collaboration with the esteemed BCDA embodies this dual commitment,” said MIC President and Chief Executive Officer Rafael Consing Jr.
Finance Secretary Ralph Recto lauded the partnership, saying that it would create sustainable urban communities and generate job opportunities.
“I cannot think of a better inaugural investment portfolio for Maharlika than the BCDA’s flagship infrastructure projects within the vibrant Clark Freeport and Special Economic Zone,” Recto said.
After the MOU signing ceremony, Recto received on behalf of the Bureau of the Treasury a check worth P1.1 billion from the BCDA representing its dividend remittance from its 2023 earnings, for the national government’s development programs and projects. This is double its total remittance of P527 million from its 2022 earnings.
It also brought the BCDA’s total dividend contribution to the national government since its founding in 1992 to around P9.6 billion. – Rappler.com
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