CLARK Development Corp. said it signed 71 lease agreements with companies that committed about $1.02 billion worth of investments over the next 10 years. CDC said in a statement the number of locators in Clark Freeport Zone increased 6 percent to 895 as of end-December 2016.
CDC president and chief executive Noel Manankil noted the uptrend in investments, citing the confidence of foreign and local investors in the country and in Clark Freeport Zone. He said more firms engaged in commercial businesses entered Clark and now represented 32 percent of the total number of Clark enterprises. Information and communication technology companies represented 24 percent of the locators while 23 percent were in the services sector.
New investors with direct lease agreements with the CDC committed $923 million while subleases and those with memorandum of agreement committed $97 million. CDC said in 2015, it signed direct leases with investors who committed investments of $303 million and subleases and MOA with investors with commitments of $50 million.