The Development Bank of the Philippines (DBP) and construction firm AlloyMTD signed a P9.5 billion loan agreement for the development of the National Government Administrative Center (NGAC) at the New Clark City (NCC) located in the municipalities of Capas and Bamban in Tarlac.
DBP Chairman Alberto Romulo, DBP President and Chief Executive Officer Cecilia Borromeo, AlloyMTD Chairman Isaac David, and AlloyMTD President Patrick Nicholas David led the signing ceremonies held at the DBP Head Office in Makati City.
According to MTD Philippines President Nicholas David, the P9.5-billion loan represents 75 percent of the P13-billion budget to build the first phase of NGAC. The rest will be the equity counterpart of MTD.
The project is a joint venture between State-owned Bases Conversion and Development Authority (BCDA) and MTD.
BCDA President and CEO Vivencio Dizon who was also present during the ceremony said, “With this loan agreement, a world-class facility will soon rise at New Clark City. The modern metropolis will be the next growth driver in Luzon and serve as a premiere center of economic growth, true to BCDA’s mandate.”
The DBP Board approved the loan agreement on March 21, 2018 shortly after the Philippine Competition Commission approved on March 13 the joint venture between BCDA and MTD.
NGAC broke ground in New Clark City on January 23, 2018. The 40-hectare Phase 1A of the project involves the development of disaster-resilient back-up offices of various government agencies, world-class Sports Stadium with 20,000 seating capacity, Aquatic Center, village for athletes competing in the 2019 Southeast Asian Games, government housing, and support service facilities.
Upon satisfactory completion of the project’s Phase 1A, work for the project’s Phase 1B will commence for the construction of more government offices and residential units on a 20-hectare land.
MTD is targeting to complete Phase 1A by Oct. 15, 2019.