The Bases Conversion and Development Authority (BCDA) and its partner, Filinvest Land Inc. (FLI) recently wooed Singaporean investors to set up shop in New Clark City, particularly at the 288-hectare mixed-use, industrial township project that is being developed within the rising metropolis.
Speaking at the investment roadshow entitled, “The Sustainable Futurecity of the Philippines,” held in Singapore last June 27, FLI President Tristaneil Las Marias urged more than 50 potential locators to consider the Filinvest Innovation Park as their next investment destination.
“We are here today to present a business case. We hope we can convince you to partner with us and choose us, more particularly, our New Clark City Innovation Park project for your next business expansion in the Philippines,” Las Marias said.
With an area of 120 hectares, the Filinvest Innovation Park forms part of BCDA and FLI’s 288-hectare township project in New Clark City. This master planned development is envisioned to be a sustainable, resilient and future-ready hub in Central Luzon.
FLI Senior Vice President Francis Ceballos presented the status of the project, and highlighted the industrial park’s readiness to welcome locators. Particularly, the FLI official said construction power is now ready and available at the park. Water and wastewater utilities, meanwhile, will commence commercial service by early 2023. The first batch of ready-built factories will likewise be available by next year.
“Phase 1 (of the Filinvest Innovation Park) is now ready to accept locators looking to construct their own facilities, particularly, companies involved in the fields of logistics, e-commerce, light manufacturing, and data center operations,” Ceballos added.
The roadshow was well-received by Singaporean investors, with some expressing interest to visit New Clark City for a tour.
“We are quite pleased with the keen interest of the event’s attendees in New Clark City, in general, and Filinvest New Clark City, in particular, especially for the Filinvest Innovation Park as a location for establishing future industrial facilities in the Philippines,” Ceballos said.
Investment opportunities in New Clark City
During the roadshow, BCDA Senior Vice President for Conversion and Development Engr. Joshua Bingcang gave updates on New Clark City and told Singaporean investors that the state-run corporation is looking for private sector partners to implement various projects in the area.
“We are already at the Phase 1 of development. We are done with planning, we are already at the implementation stage. We have investment opportunities that are very much welcome for our business partners,” he said.
Among the investment opportunities he presented are the establishment of: a multi-modal transport hub; eco-theme parks and ecotourism spots; mixed-use, retail, and food and beverage establishments; research and knowledge-based pharmaceutical and medical facilities; and a data center colocation facility.
BCDA is also looking for partners for the implementation of the New Clark City Pilot Affordable Housing project, the New Clark City Common ICT corridor, and the Solid Waste Management and Waste-to-Energy project; the provision of estate management services; and the operations and maintenance of its sports facilities.
Competitive investment destination
To further entice investors to consider New Clark City, Board of Investments Governor Angelica Mapua-Cayas laid out the advantages that make the Philippines a competitive investment destination in the Southeast Asian region.
Mapua-Cayas briefed delegates on the major economic reforms passed during the Duterte administration that served as game changers for the Philippine investment climate, including the Corporate Recovery and Tax Incentives for Enterprises Act, Retail Trade Liberalization Act, Foreign Investments Act, and the Public Services Act.
Meanwhile, Hi-P International Pte. Ltd. Chief Operating Officer Jeffrey Tan attested to the Singaporean firm’s positive experience in investing in the Philippines. The electronics manufacturing service provider set up its facilities at the First Philippine Industrial Park in Batangas back in 2020, and is registered with the Philippine Economic Zone Authority.
He listed six encouraging signs for the company since setting up shop in the Philippines two years ago: (1) fast and efficient business and company registration; (2) availability of good industrial parks with ready buildings suitable for manufacturing; (3) attractive tax incentives; (4) fast improving infrastructure; (5) good living environment for expats; and (6) abundance of skilled workers in manufacturing sectors.
Philippine Ambassador to Singapore Joseph del Mar Yap said the Philippine Embassy in Singapore and the Philippine Trade and Investment Center-Singapore (PTIC-SG) are ready to help investors who are eyeing to do business in the Philippines.
“As both the Philippines and Singapore fully reopen our borders, we look forward to more robust cooperation, trade and business, tourism and mutual exchange between our two countries. There are many promising areas of mutual cooperation between the Philippines and Singapore–smart city and digital technology, financial technology, sustainable industries, renewable energy, consumer sector, just to name a few,” he said.
The investment roadshow is part of BCDA and FLI’s aggressive marketing efforts to bring New Clark City closer to the international business community, with the end goal of attracting more businesses to Clark. It was a collaborative effort by the BCDA, FLI, PTIC-SG, Philippine Embassy in Singapore, Singapore Business Federation and Singapore Chinese Chamber of Commerce and Industry.