The Department of Finance (DOF) expects the partnership between Maharlika Investment Corp. (MIC) and the Bases Conversion and Development Authority (BCDA) to create more jobs for Filipinos through infrastructure and development projects.
“With the wide-ranging areas to be explored by this agreement, we will be creating more sustainable urban communities that not only enhance the quality of life for Filipinos but also generate numerous job opportunities for them,” Finance Secretary Ralph Recto said.
MIC president and chief executive Rafael Jose Consing Jr. and BCDA president and chief executive Joshua Bingcang signed a memorandum of understanding on April 29, 2024 that will allow the MIC to explore investment opportunities within BCDA properties, including Clark Freeport and Special Economic Zone.
Under the MOU, BCDA and MIC will further discuss, share knowledge and explore potential collaboration that will lead to the development of a feasibility study report of a potential investment portfolio.
Among the BCDA projects that will be explored by the MIC are the expansion of Clark International Airport; the affordable housing project in New Clark City; the Clark Integrated Public Transport System; the Poro Point Seaport Modernization program; and the Clark Central Business District.
“I cannot think of a better inaugural investment portfolio for Maharlika than the BCDA’s flagship infrastructure projects within the vibrant Clark Freeport and Special Economic Zone,” Recto said.
“One can only imagine the wealth of opportunities that will be fully unlocked by this strategic partnership between the country’s two important growth vehicles,” he said.
Darwin G. Amojelar
Recto said the newly formed partnership would set the standard for future collaborations and enhance the potential of the country’s first sovereign wealth fund.
He said he also welcomes more strategic partnerships that will bring forth more investments that will give rise to booming economic districts all over the country and promote widespread prosperity for the Filipino people.