State-run Bases Conversion and Development Authority (BCDA) and the Korea International Cooperation Agency (KOICA) signed two memoranda of understanding (MOU) to expedite the development of affordable housing projects and create a smart city framework in New Clark City.
BCDA president and chief executive Joshua Bingcang said the collaboration aims to leverage South Korean expertise and investments to address the growing housing needs of Filipino families.
“This is a welcome development as it represents a private foreign investment, rather than ODA, and directly addresses the pressing housing needs of workers relocating to New Clark City,” Bingcang said at the sidelines of the Philippines-Korea Business Forum Monday.
He said the housing program would entail over P9 billion in estimated investments.
KOICA’s Korea Overseas Infrastructure & Urban Development Corporation (KIND) head of urban/property department Ryan Kwangbok Lee said the partnership with the BCDA is a significant step towards realizing a shared vision of sustainable urban development in the Philippines.
“By combining our expertise in urban planning and development with the BCDA’s local knowledge, we can create affordable housing solutions that meet the needs of Filipino families and contribute to the overall well-being of the community,” he said.
He said the MOU would pave the way for potential investors to submit unsolicited proposals to BCDA, with KOICA providing technical assistance, including feasibility studies and other support.
The BCDA, meanwhile, will facilitate the process by providing information and assistance to potential investors.
Affordable housing is a key component of the Philippine government’s efforts to promote inclusive economic growth and improve the lives of Filipinos.
The BCDA signed a second MOU with RMS Platform Co. Ltd. for the smart city digital framework.
KOICA has a long history of supporting development projects in the Philippines.
