BCDA, Standard Chartered eye sustainable development projects in Clark

The Bases Conversion and Development Authority (BCDA) and Standard Chartered Bank are exploring opportunities to support sustainable urban development and investments in Clark Freeport Zone in Pampanga and New Clark City in Tarlac.

BCDA President and Chief Executive Officer Joshua Bingcang and Standard Chartered Bank Philippines Chief Executive Officer Michelangelo Kho Samson signed a memorandum of understanding to conduct joint studies on potential urban development and investment projects in the two areas.

Under the agreement, BCDA and Standard Chartered will share knowledge, hold quarterly discussions and conduct feasibility assessments for potential projects.

Standard Chartered may recommend financing solutions and other forms of support for projects found to be feasible and viable. The bank and BCDA may then negotiate separate agreements on the appropriate mode of collaboration.

“Having the backing of a leading international bank like Standard Chartered adds credibility to BCDA’s projects and marks a strong vote of confidence for Clark,” Bingcang said.

“More importantly, partnerships like this can help mobilize the capital needed to move viable projects forward. This can ease the financing burden on the government and our private sector partners, while allowing us to pursue more projects that can generate investments, create jobs, and strengthen our communities,” he added.

The partnership also seeks to strengthen Clark’s competitiveness as an investment destination and support the development of the Luzon Economic Corridor.

“Clark is well-positioned to contribute to the Philippines’ next phase of growth,” Samson said.

“Standard Chartered Bank has been in the Philippines for 154 years and is instrumental in supporting nation-building by providing banking solutions to fund projects in infrastructure, power, water and technology to both the public and private sector. This is aligned with the BCDA’s charter to commercialize the government bases to promote economic and social development. We look forward to collaborating with BCDA to advance its sustainable development ambitions,” he added.

The 35,300-hectare Clark Freeport and Special Economic Zone includes the Clark Freeport Zone, Clark Aviation Capital, Clark International Airport and New Clark City.

BCDA said the area is being positioned as an investment and innovation hub for industries including semiconductors, advanced manufacturing, aviation, logistics and sustainable urban development.