The Bases Conversion and Development Authority (BCDA) and the Maharlika Investment Corporation (MIC) have forged a strategic partnership to explore investment opportunities within BCDA properties, including Clark Freeport and Special Economic Zone.
On 29 April 2024, BCDA President and Chief Executive Officer (PCEO) Joshua M. Bingcang and MIC PCEO Rafael D. Consing Jr. signed a memorandum of understanding (MOU) to move forward with their plans of including some of BCDA’s projects and programs in the portfolio of Maharlika, the Philippines’ first sovereign wealth fund.
“[This] is more than just a formality. It’s a declaration of our shared commitment to build a nation where progress is not just measured in pesos and percentages, but in lives transformed. The Maharlika Investment Corporation, born from the vision of our nation’s leadership, carries a twin mandate: to secure a high rate of return on investments while simultaneously serving as a catalyst for the Philippines’ socio-economic advancement. Our collaboration with the esteemed BCDA embodies this dual commitment,” said PCEO Consing.
Under the MOU, BCDA and MIC will “further discuss, share knowledge, and explore potential collaboration opportunities that will lead to a development of a feasibility study report.” The report will include potential developments within BCDA properties, such as Clark Freeport Zone and Clark Civil Aviation Complex in Pampanga, New Clark City in Tarlac, and Poro Point Freeport Zone in La Union, among others.
“We are optimistic that the Maharlika Investment Corporation will see our shovel-ready projects and programs as commercially and financially viable investments that will generate optimal returns for the government and for the Filipino people,” said PCEO Bingcang.
Among the BCDA projects that will be explored by MIC are the expansion of Clark International Airport, which includes the construction of a second runway, taxiways, aprons, and landside access roads and utilities; affordable housing project in New Clark City; Clark Integrated Public Transport System; and Poro Point Seaport Modernization program; Clark Central Business District; and Solid Waste Management and Waste-to-Energy Project in New Clark City.
President Ferdinand R. Marcos, Jr. in July 2023 signed into law Republic Act No. 11954, otherwise known as the Maharlika Investment Fund Act of 2023, aimed at investing in viable infrastructure projects that will help catalyze economic development and accelerate the country’s growth through optimal use of government financial assets.