The Philippines’ investments czar has underscored the role of Clark in sustaining economic gains in the country, citing its contribution in bringing in investments and job generation.
Secretary Frederick Go, the Special Assistant to the President on Investments and Economic Affairs, said that the “Greater Clark or One Clark” is the government’s largest development property in the country with its size reaching about 30,000 hectares.
In his speech before the General Membership Meeting of Clark Investors and Locators Association (CILA) at Marriott Clark, Go has recognized the importance of Clark in economic development.
“It is the country’s answer to our neighbors’ (in Southeast Asia) growing manufacturing, industrial, and residential districts,” he added.
He highlighted the advantages of the former US military base which includes its vast land area, the infrastructure now in place, the presence of a major gateway like the Clark International Airport.
Clark Is It
He also cited the leadership in Clark that includes the Bases Conversion Development Authority, Clark Development Corporation, and Clark International Airport Corp.
“I am happy to promote Clark, When investors ask, I have a singular answer: Look at the Greater Clark,” Go said.
Clark, now a major travel and investment destination, includes the 4,400-hectare Freeport in Pampanga and the adjoining Clark Special Economic Zone where the 10,000-hectare New Clark City in Tarlac province is situated. The rest of the area are part of the reverted baselands now under the care of BCDA.
PH Economic Gains
Go mentioned in his speech the recent positive gains in the country’s economy are geared towards achieving an “A” in credit ratings. He said that S&P Global has already upgraded the rating for the Philippines to triple B plus or from stable to positive.
He said that for 2024, the Philippines’ economy grew by 5.6 percent, the second best in Southeast Asia while employment was pegged at 95.7 percent where 48.5 Filipinos are now employed. Inflation for 2024 settled at 3.2 percent. In February this year, he said that it improved to 2.1 percent, an earshot to the 2.4 target of the government.
Clark’s Impact
The total investments, on the other hand, improved from year ago level, as P1.9 trillion was recorded for 2024. These include those from investments registered with the Board of Investments (BOI), Philippine Economic Zone Authority (PEZA), and Clark Development Corporation.
Go praised Clark authorities for registering the third highest in investments, considering that it covers only the Freeport and Economic Zone located inside Clark. Both BOI and PEZA are of national in scope.
“That is no small feat, because BOI is national and so is PEZA. Clark is local. We hope all these investments would translate into something, tangible economic benefits in the coming years, leading our economy to a sustainable investment-led growth,” he added.
Better Incentives under CREATE MORE
Go is widely credited for paving the way for more attractive incentives for investors under the CREATE MORE Law (Republic Act 12066) that was signed by President Marcos in November 2024.
Under the said law which he has worked for its passage in Congress in the past two years, tax incentives can cover anywhere from 14 to 40 years, provide a combination of tax holiday or special corporate income tax or a reduced income tax for the covered period. It also addresses VAT issues and the so-called sunset clause which were vague in the original CREATE Law (RA 11534) passed in 2021.
Target Investments
Go mentioned that the country will now focus on eight major sectors in investments. They include semiconductors, minerals, pharmaceuticals, food and agriculture, steel, renewable or clean energy, infrastructure and tourism.
He also announced plans to implement the use of E-Visa and also explore nuclear power as a source of energy such as the small modular reactors needed by data centers.
“By focusing on all of these vital sectors, we aim to establish a robust eco foundation that attracts businesses both domestic and foreign investors. With our economic gains which I hope will be permanent reforms and bold initiatives, the Philippines can take its place as ASEAN economic superstar. I’m sure this would be impossible without the role of the greater Clark or One Clark in this development,” he said.
Go lauded the CILA for holding the meeting. He has also administered the oath of office of its new officers. They include: Frankie Villanueva (President); Atty Gerald Medina (Chairman); Melvin John Tan (Vice Chairman); Radito Tuazon (Corp Secretary). Directors are Dr. Irineo Alvaro, Angelina Casasola, Darwin Malinit, Evelyn Yumul, Joyce Manansala and Josh Go. Committee Heads include Maximino Gulmayo, Lito Mercado.
