The Bases Conversion and Development Authority (BCDA) and its partner MTD Clark, Inc. recently signed a Memorandum of Agreement (MOA) with the Land Bank of the Philippines Leasing and Finance Corporation (LLFC) to establish leasing and financing facilities for government agencies intending to locate inside the National Government Administrative Center (NGAC) in New Clark City.
MTD Clark, Inc. Chairman Isaac David and LLFC President and Chief Executive Officer Francisco Leonor Jr. led the signing ceremony. BCDA President and CEO Vivencio Dizon and LLFC Assistant Vice President and Legal Counsel Atty. Marla Barcenilla witnessed the signing.
Under the agreement, BCDA, MTD, and LLFC will collaborate on a framework to provide a viable option for government agencies to avail of LLFC’s leasing and financial facilities for the acquisition of an office building or office spaces in NGAC.
“The MOA will be historic in a sense that it will not only greatly assist the fast-tracking of the New Clark City development but will open new doors for government agencies to avail of this novel instrument, which has not been fully utilized in the Philippines,” Dizon said.
As a naturally resilient metropolis, New Clark City will house back-up offices of various government agencies including a world-class National Sports Center to be used for this year’s South East Asian Games.
“The signing is the start of another milestone since we have almost completed the facilities in Phase 1A of NGAC,” MTD Clark, Inc. Chairman Isaac David said. “We thank BCDA for giving us this opportunity to be a co-developer in this project.”
Phase 1A of NGAC is now 90 percent complete. It involves the construction of a 20,000-seater Athletics Stadium, 2,000-seater Aquatics Center, an Athletes’ Village, and a 1.4-kilometer River Park Corridor. Meanwhile, Phase 1B involves the construction of more government offices and residential units.
Several government agencies have expressed interest in locating in New Clark City including the Supreme Court of the Philippines which has signed a Memorandum of Understanding with BCDA for the allocation of a 5.8-hectare lot for its Judiciary Complex.
The New Clark City government center is among the centerpiece projects of the Duterte administration to solve the congestion problem in Metro Manila and accelerate economic growth in the regions.