Maharlika explores financing Clark projects

The state-owned firm running the Philippines’ first sovereign wealth fund, the Maharlika Investment Corporation (MIC), is pondering financing the major development projects in Clark in Tarlac, one of which is the World Convention and Events Hub that is aimed to house the concert of Hollywood pop star Taylor Swift in the coming years.

This was after the MIC, headed by president and chief executive officer Rafael Consing, Jr., signed a memorandum of understanding (MoU) with Clark International Airport Corporation (CIAC) President and chief executive officer Arrey Perez on Friday at the Bonifacio Global City in Taguig.

The signing of the MoU signifies that MIC is exploring investment opportunities for the CIAC’s major infrastructure and development projects in Clark.

Secretary Frederick Go, Special Assistant to the President for Investment and Economic Affairs witnessed the signing, stating that he has identified food and agriculture one of the priority industries for investments.

The MoU is intended for collaborative funding and efforts for the development of one of these seven projects, namely the National Food Hub.

“We continue to pursue initiatives that contribute to increasing agriculture production and improving the food logistical chain. The Clark National Food Hub is a step in this direction, and we look forward to its successful establishment as a sustainable food security solution. We likewise support CIAC in its flagship infrastructure projects that would accelerate the development of the airport and its surrounding areas.” Go said.

For his part, CIAC’s Perez said seven flagship projects seek to contribute to the development of priority industries under the Marcos administration.

“In empowering the aviation industry, we drive growth in food and agriculture, transportation and mobility, and tourism and MICE (meetings, incentives, conferences and exhibitions). There is latent growth potential in these industries, and a partnership with our country’s sovereign wealth fund will infuse the much-needed financial backing to boost these contributions to developing the Luzon Economic Corridor,” Perez stressed.

Aside from the World Convention and Events Hub, other six projects slated to be completed in Clark are the National Food Hub, Urban Renewal and Heritage Conservation Project, Direct Access Link to the Clark International Airport, the New CIAC Headquarters, Upgrading of Road Network and Facilities, and the Detailed Site Development Plan of the Second Runway.