During the “New Clark City: The Sustainable Future City of the Philippines” roadshow, which was supported by the Singapore Business Federation and the Singapore Chamber of Commerce and Industry, the Philippines, through the Bureau of Investments (BOI), Bases Conversion and Development Authority (BCDA), and Filinvest Land, urged Singapore business leaders to invest in the nation.
Singapore pledged P80.17 billion or 41.7 percent of the total amount of approved foreign direct investments (FDIs) in 2021, eight times more than it did in 2020, according to the Bangko Sentral ng Pilipinas. Following the Philippines’ economic recovery, which was demonstrated by the nation’s first-quarter 2022 GDP of P4.6 billion and 8.3 percent growth rate, which outpaced the first-quarter GDP of 2019 of P4.4 billion and 5.9 percent growth rate, this is anticipated to increase further for 2022.
According to Governor Angelica Cayas of the Board of Investments, “The Philippines continues to be an ideal investment destination with its game-changing policy reforms and a business-friendly landscape.”
With approved foreign investments totaling P3.68 billion in 2021—a 43 percent increase over 2020—Clark is still one of the top investment locations in the Philippines. The National Economic and Development Authority acknowledged the infrastructure initiative “Build, Build, Build,” which greatly benefited Central Luzon, as a factor that assisted in luring investments into Clark. These assets include the 9450-hectare New Clark City development’s 288-hectare master-planned township Filinvest New Clark City (FNCC), which is situated in Capas, Tarlac.
Everything in Clark runs like a dream. According to BCDA Senior Vice President Engr., “New Clark City’s unique offerings of a prime location, a strong workforce, cutting-edge infrastructure, and strong government support allow businesses to easily build capability in the Philippines.” Bingcang Joshua.
“Filinvest and the BCDA are working together to make New Clark City a viable future city where both foreign and domestic investors will prosper. With the creation of Filinvest New Clark City, beginning with Filinvest Innovation Park, we look forward to assisting in its advancement, said Tristan Las Marias, president of Filinvest Land.
FNCC is preparing to become a smart city built to be environmentally friendly, sustainable, disaster-resistant, and future-ready. It is a joint venture development between BCDA and Filinvest Land. The township features a well considered ecosystem that combines residential, commercial, educational, recreational, mixed-use, industrial, and lifestyle elements for a live-work-play-learn way of life.
One of Clark’s largest industrial clusters, Filinvest Innovation Park is the initial phase of FNCC. The Philippines are expected to host the fourth industrial revolution there.
For the needs of factories, warehouses, logistics hubs, support offices, and other industrial hubs, this 120-hectare development offers ready-built factories as well as industrial structures that may be customized.
According to Francis Ceballos, senior vice president and head of industrial and logistics at Filinvest Land, “Filinvest Innovation Park will house high-speed internet infrastructure, 24/7 digitally-empowered security force, e-vehicle mobility, robust infrastructure connection, renewable energy connections, digitalized park services, and increased supply chain efficiencies.”
The growth of the nation’s Purchasing Management Index (PMI) and Gross Merchandise Value (GMV) makes the development of FIP timely. The Philippines’ PMI rose to 54.3 in April 2022, the highest level since November 2017, a 53-month high. Additionally, the nation reported a 93% increase in GMV from $9 billion in 2020 to $17 billion in 2021. According to economy SEA 2021, the Philippines has the South East Asian country with the fastest growing digital economy.
