Investment into the Clark Freeport Zone reached US$5.5 billion in the first six months of 2023, with the input from various industries including investment into gaming and tourism, according to information from the Clark Development Corporation (CDC).
Speaking with Manila Standard at a business event in Manila, CDC President and CEO Atty Agnes Devanadera said the first half of the year had seen locators start to expand their operations, either by renewing leases or resuming projects that had stalled during the COVID-19 pandemic.
“We have facilitated US$5.5 billion in the first semester,” Devanadera said.
“Last year was really low, we were still in the pandemic [but] many companies are expanding and we are expecting more projects since we have the lowest power rate in all economic zones in the Philippines. That alone is a big [attraction].”
The 1H23 investments include Php1 billion (US$17.6 million) from Royce Hotel and Casino for expansion and improvement of amenities, bringing its total investments to Php10 billion (US$176 million). Royce, owned by businessman Rodolfo Pineda, is currently putting the finishing touches on its Phase 2 expansion which has added 297 high-end hotel rooms and Clark’s largest gaming floor, covering 27,000 square meters with space for 150 gaming tables and 1,500 slot machines.
According to Devanadera, the CDC is looking at doubling its annual revenues by the end of this year. Remittances to the national government had reached Php1.2 billion (US$21.1 million) as of May 2023 with the CDC looking to increase its remittance to Php1.5 billion (US$26.4 million) by the same time in 2024.
“We remit half of our net income to the national government, and the other half we reinvest in our infrastructures. We don’t get support for the national government,” Devanadera said.
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