BCDA, JOIN form joint venture corporation to develop detailed master plan for Clark Green City
Posted: March 08, 2016 | Category: Investment And Projects
The state-owned Bases Conversion and Development Authority (BCDA) and the Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development (JOIN) on Tuesday (08 March 2016) inked an agreement that formed a Joint Venture (JV) Corporation with the primary task of crafting a detailed master plan for Clark Green City.
Japan Ambassador to the Philippines Kazuhide Ishikawa and BCDA Chairperson Ma. Aurora Geotina-Garcia witnessed the signing of the agreement that was led by BCDA President and CEO Arnel Paciano D. Casanova and JOIN President and CEO Takuma Hatano. The signing ceremony was held at Shangri-La at the Fort, Bonifacio Global City, just before the start of the NXCITIES International Conference.
“We welcome JOIN as BCDA’s newest JV partner in the development of the country’s most modern city—Clark Green City and look forward to a long standing and fruitful partnership with JOIN,” Casanova said.
He said the detailed master plan will lead to the creation of employment and education opportunities through the development of new industries, logistics, innovation, information and communication technology, that will be complemented through setting up of educational institutions, hospitals, and mixed-uses of commercial and residential developments.
According to Casanova, once completed within a year, the detailed master plan of Clark Green City will also serve as the blueprint from which all infrastructure designs will be based.
“The detailed master plan will identify the precise boundaries and measurements of streets, lots, waterways, development zones, and building types, among others, which will be used as the basis for infrastructure design and its eventual construction,” Casanova said.
Under the agreement, forty-five percent (45%) of the JV Corporation will be owned by BCDA and fifty-five percent (55%) by JOIN.
Earlier, Casanova said the involvement of the JOIN in the development of Clark Green City will lead to multiple joint venture partnerships that will serve as a vehicle for the formation of Japanese consortium and investments in the field of power, transportation, tollways, industrial zones and economic centers
“By investing in Clark Green City, JOIN will help transform it into a major economic center of the ASEAN economic bloc,” he said.
Casanova noted that JOIN would help identify and attract more Japanese investments in the Philippines. “JOIN will invite global partners to invest in Clark Green City.”
JOIN is a Japanese government corporation that aims to invest and participate in transport or urban development projects, involving Japanese companies, such as bullet trains, airports, and green cities. The Japanese government’s target investment for infrastructure worldwide is Y30 Trillion by 2020.
The 9,450-hectare Clark Green City is envisioned to be the country’s first smart, green and disaster-resilient metropolis. It is located inside the Clark Special Economic Zone in Tarlac.
Clark Green City’s strategic location and connectivity to major cities in Central Luzon through the country’s expressways that include the North Luzon Expressway (NLEX), Subic-Clark-Tarlac Expressway (SCTEX), Tarlac-Pangasinan-La Union Expressway (TPLEX) and soon the Central Luzon Expressway (CLEX) will allow the convergence from north, east, south, and west, and serve a catchment population of some 12 million people. It will have a direct link to the Clark International Airport and is just breeze away from the Subic Freeport Zone via the SCTEX.
At full development, Clark Green City will have some 1.12 million residents, 800,000 workers and contribute a gross output of approximately P1.57 trillion per year to the national economy or roughly four percent share in the county’s Gross Domestic Product (GDP).
Casanova pointed out that Clark Green City will showcase the country’s capability to build a sustainable and modern city. “The city will adopt smart and green features like compact walkable communities with generous open spaces, mass transportation, remotely-managed utilities, high-bandwidth connectivity, protected biodiversity, energy efficiency and urban farming, among others, making it one of the country’s most livable cities of the future.”