PUTRAJAYA CITY, Malaysia—The Bases Conversion Development Authority and MTD Philippines Inc. expect to close the financial negotiations over a P9.5-billion loan for the National Government Administrative Center on Clark before the end of the year.
MTD president Patrick Nicholas David said the joint venture company of the Bases Agency and MTD was in talks with two Philippines banks for financing.
“We’ve been tapping local (Philippine) banks for our projects in the Philippines. With local banks, we eliminate hedging and we’re protected from forex fluctuations. We expect to have a financial closing for the NGAC project this year,” he said.
Phase 1A of the project is a P13.6-billion athletic and employee village that will house two government offices and a sports facilities that will be constructed in time for the 30th Southeast Asian Games in 2019.
The Malaysia subsidiary is contributing an equity of about P4.1 billion to initiate basic construction works on the site.
