Chinese to invest $2 billion to build industrial park in Clark, Philippines
Chinese construction and engineering company China Gezhouba Group will invest $2 billion to establish an industrial park in New Clark City in Pampanga province in the northern Philippines, the Financial Times reported. It is understood that the company will sign a memorandum of understanding to develop 500 hectares at former US Clark Air Base shortly.
Vicencio Dizon, head of the Philippine Bases Conversion and Development Authority, said the investment could be one of the biggest Chinese investments in the country and comes when the Philippine government is looking to develop the area northwest of Manila into a new business hub.
The development is another mark of the administration of President Rodrigo Duterte’s warming relations to China, a signal that the Philippines may be letting go of its long-term alliance and dependency with the US. From the time that Duterte assumed office, Chinese investment in the Philippines increased by 15 per cent from $27 million in 2016 to $31 billion in 2017. Most recently, China Telecom has won the bid for provisional rights to become Philippines third telecom provider.
In Clark, the Chinese company will be developing an industrial zone where technology and manufacturing companies can set up their plant and production facilities. It is expected that the project can bring in thousands of new jobs in the region.
The development is part of Duterte’s $180-billion “Build Build Build” infrastructure and industrialisation initiative, of which $69 billion are allotted to jump start or finish projects until 2022. Ultimately, “Build Build Build” is designed to sustain the Philippines’ inclusive growth as a developing country.
[caption id="attachment_32226" align="alignleft" width="300"] The new industrial park is part of the wider New Clark City development[/caption] Chinese construction and engineering company China Gezhouba Group will invest $2 billion to establish an industrial park in New Clark City in Pampanga province in the northern Philippines, the Financial Times reported. It is understood that the company will sign a memorandum of understanding to develop 500 hectares at former US Clark Air Base shortly. Vicencio Dizon, head of the Philippine Bases Conversion and Development Authority, said the investment could be one of the biggest Chinese investments in the country and comes when...
Chinese construction and engineering company China Gezhouba Group will invest $2 billion to establish an industrial park in New Clark City in Pampanga province in the northern Philippines, the Financial Times reported. It is understood that the company will sign a memorandum of understanding to develop 500 hectares at former US Clark Air Base shortly.
Vicencio Dizon, head of the Philippine Bases Conversion and Development Authority, said the investment could be one of the biggest Chinese investments in the country and comes when the Philippine government is looking to develop the area northwest of Manila into a new business hub.
The development is another mark of the administration of President Rodrigo Duterte’s warming relations to China, a signal that the Philippines may be letting go of its long-term alliance and dependency with the US. From the time that Duterte assumed office, Chinese investment in the Philippines increased by 15 per cent from $27 million in 2016 to $31 billion in 2017. Most recently, China Telecom has won the bid for provisional rights to become Philippines third telecom provider.
In Clark, the Chinese company will be developing an industrial zone where technology and manufacturing companies can set up their plant and production facilities. It is expected that the project can bring in thousands of new jobs in the region.
The development is part of Duterte’s $180-billion “Build Build Build” infrastructure and industrialisation initiative, of which $69 billion are allotted to jump start or finish projects until 2022. Ultimately, “Build Build Build” is designed to sustain the Philippines’ inclusive growth as a developing country.
