Amid setbacks, including President Ferdinand Marcos Jr.’s recent veto of its charter, the Bases Conversion and Development Authority remained one of the most significant sources of potential investments among government-owned and controlled corporations, increasing its investment by more than 200 percent.

In its latest investment report, the BCDA said investments improved by more than triple to P7.72 billion in the first quarter, reflecting strong investor confidence amid the state-run firm’s intensified efforts to develop dynamic growth centers, particularly New Clark City in Tarlac and Camp John Hay in Baguio City.

Further, it said that approved investments facilitated by the BCDA reached P7.72 billion from January to March 2025, a 209.9 percent jump from P2.49 billion in the same quarter last year.

“The BCDA’s strong performance is a testament to the private sector’s steadfast confidence in the long-term potential of our economic zones, including New Clark City and Camp John Hay. These high-impact investments will surely help spur increased business activity and drive economic growth, providing more employment and livelihood opportunities for the local communities,” BCDA president and chief executive officer Joshua Bingcang said.

Bulk comes from local capital

The most significant chunk of BCDA’s investment portfolio during the period came from local investors at P5.81 billion, while foreign investors infused the remaining P1.91 billion.

Among the major players is Science Park of the Philippines Inc. This local real estate developer signed a 50-year contract lease for the development of a 100-hectare industrial park in New Clark City with a total project cost of P2.7 billion.

A Filipino-South Korean consortium composed of Sta. Clara International Corporation, Saekyung Realty Corporation and Korea Overseas Infrastructure and Urban Development Corporation has also committed to investing P4.8 billion to build a low-cost housing facility in New Clark City for the Pambansang Pabahay Para sa Pilipino Program.

Four local corporations have also partnered with the BCDA to continue developing Camp John Hay’s hospitality and food industries, following the government’s recovery of the 247-hectare leased area within the popular ecotourism zone.

These include Stern Real Estate and Development Corp., which committed to invest P178 million for the continued lease and expansion of the iconic Le Monet Hotel and Filling Station food court.

Food and beverage firms Top Taste and Trading Inc., Amare La Cucina and Prime Collective Corp. have also signed agreements to establish new restaurants and cafes in the area.

Top Taste and Prime Collective have pledged P20 million in investments, while Amare has committed P30 million.

“As we continue to build inclusive, sustainable and future-ready cities, we invite more investors to explore vast opportunities within our ecozones and to become partners in driving transformative, game-changing projects that will help shape the future of our nation,” Bingcang said.