Clark Freeport and Economic Zone approved P72 billion worth of investments in new and expansion projects in the first half of 2024.
“Instead of casting a wide net, we’re focusing on specific sectors that align with our strengths and national priorities,” said Clark Development Corp. (CDC) president Agnes Devanadera, highlighting the agency’s focus on industries like light manufacturing and food and beverage.
CDC is the administrator of Clark Freeport.
Devanadera said the latest figure sustains the strategy that aligns with the national priority list and Clark’s own identified growth areas. While she did not provide annual comparative figures, data from the Philippine Statistics Authority showed that Clark attracted P115 billion worth of investments in the first half of 2023.
She said of the locators inside the Freeport, the semiconductor industry was a key driver of investments, with major projects underway. Real estate is also a major source of investments.
Among the biggest investors this year are tire manufacturer Yokohama, Aqua Planet and Hilton Hotel.
Devanadera highlighted the P15-billion commitment of one investor and another P20 billion for two townships inside the Freeport.
She said while attracting investments is crucial, the Freeport also faces the challenge of ensuring a skilled workforce.
Devanadera said industries like aviation and business process outsourcing face shortages of qualified personnel. To address this, CDC is teaming up with the Commission on Higher Education (CHED) and the Civil Aviation Authority of the Philippines (CAAP) to review and improve educational curriculums, ensuring graduates have the skills needed by the industries in Clark.
Meanwhile, CDC said it secured a special permit from the Land Transportation Franchising and Regulatory Board (LTFRB) to operate a bus service inside the Freeport.
The LTFRB approved and released the special permit on Aug. 31, 2024 to provide a safe and efficient mass transport system to workers within the Freeport.
The initial fleet of 10 buses will focus on providing efficient service, with features like Beep card payments and onboard Wi-Fi.
Devanadera said the long-term goal is to transition to electric vehicles (EVs) as charging infrastructure is being explored in partnership with the Department of Energy (DOE) and the Philippine National Oil Company (PNOC).
