BCDA shakeup won’t derail Pax Silica push

The leadership shakeup at the Bases Conversion and Development Authority (BCDA) is not expected to derail the country’s investment push under the United States-led Pax Silica initiative.

Outgoing BCDA President and Chief Executive Officer Joshua Bingcang said investment promotion remains a national priority, regardless of changes in leadership, as he prepares to transfer to the Philippine Economic Zone Authority (PEZA).

“It is the trust and decision points of the national government. So, of course, if the benefit is for the greatest good of the country, of course, it’s a no-brainer that it will still be considered,” Bingcang told reporters on Thursday.

The Philippines had initially eyed signing the agreement during its ASEAN hosting activities, but the Department of Trade and Industry indicated that the signing would take place outside the summit window.

A revised signing schedule has yet to be announced.

Pax Silica is a US-led initiative focused on strengthening cooperation in artificial intelligence, semiconductors, critical minerals and other strategic technologies.

In his fifth State of the Nation Address, President Ferdinand R. Marcos Jr. pitched Pax Silica as the centerpiece of the country’s bid to become a major player in the global artificial intelligence and advanced manufacturing industry.

The proposed 1,620-hectare hub in New Clark City, Capas, Tarlac, is also expected to become a strategic component of the Luzon Economic Corridor, serving as an advanced manufacturing and logistics center in the global AI and technology value chain.

The project could generate up to P180 billion in annual revenues and nearly 200,000 jobs.

Meanwhile, Bingcang said his experience in attracting foreign direct investments at BCDA would provide a strong foundation should he assume PEZA’s leadership.

“I think it’s the same. You have to make sure that there’s a good relationship with foreign investment,” he said.

He noted that BCDA’s increasing focus on securing foreign investments closely aligns with PEZA’s mandate to attract export-oriented enterprises.

However, he acknowledged that leading PEZA would involve greater responsibilities because of the agency’s wider investment coverage.