$50M hangar investment planned in Clark

A European aviation company is planning to invest at least $50 million to build a new hangar facility in Clark, further expanding aviation-related investments in the area.

Bases Conversion and Development Authority (BCDA) President and CEO Joshua Bingcang confirmed on Tuesday that the prospective investor intends to lease 40 hectares of land beside the existing FedEx facility for the development.

The planned $50-million investment will primarily finance the construction of the company's facilities, including the hangar.

Bingcang said the BCDA has already discussed the terms of the partnership and financing arrangements with the European firm.

"We discussed the terms of partnership and financing," Bingcang said.

The proposed development will involve a long-term lease exceeding 25 years, with local partners also expected to participate in the project.

The investment could further strengthen Clark's position as an aviation hub by attracting additional aviation-related businesses and infrastructure developments.

However, Bingcang did not identify the European investor or provide a definite timeline for the signing of an agreement or the start of construction.

BCDA recently signed three lease agreements covering P85 million in committed investments for leisure and tourism developments in Clark and Camp John Hay.

These include P50 million from Grace Farm Nature Resort Corporation, P15 million from Anrey Inc., and P20 million from Zoo and Theme Park Services Inc.