CLARK FREEPORT – Clark Development Corporation (CDC) and the Korea Land and Housing Corporation (LH) recently signed a Memorandum of Understanding (MOU) to bolster their partnership in developing the Clark Smart City project in this Freeport.
CDC President and CEO Manuel R. Gaerlan and LH Chief Executive Officer Kim Hyun Jun signed the pact for the “Clark Smart City Urban Development Project” during a simple ceremony held at the Clark Visitor’s Center.
Under the MOU, CDC and LH will work together to facilitate and attract potential investments, including but not limited to small and medium-sized firms that will contribute to the smart city project’s implementation.
Both parties also agreed to collaborate on enhancing trade, investment, and tourism activities in this Freeport for the efficient and successful fulfillment of the project. The smart city is envisioned to be developed in an approximately 104.8 hectares prime property within this Freeport.
In his speech, Gaerlan thanked LH for the support extended to CDC and for intensifying the developments in this Freeport.
“Clark Development Corporation values the support of the Korean Government, LH, Korea Overseas Infrastructure & Urban Development Corporation (KIND), and other counterparts since this (project) started a few months ago. We are very happy that we are now seeing the completion of the feasibility study for the project. I hope that this will be the start of a lasting partnership between CDC and LH, Korea and the Philippine government,” he said.
Meanwhile, Kim expressed optimism on the smart city project and commended CDC for the warm reception and hospitality shown to them during their visit in the Freeport.
“Thank you very much to President Gaerlan, Vice President Dennis Legaspi, and other officials for welcoming LH as if we were an old friend who came from a far, despite the difficult COVID-19 situation and for finding time despite your busy schedules,” he said.
The upcoming development of the Clark Smart City project was also the fruit of the concerted efforts of CDC officials from Engineering Services Group (ESG) led by CDC Vice President Dennis C. Legaspi and Corporate Planning Division (CPD) headed by its manager Arch. Tarcisius T. Tiotuyco.
Legaspi headed and directed the submission of CDC’s proposal for the K-City Network 2021 Smart City Development Planning grant competition. The proposal presented by CDC ranked 1st among the 111 entries from 39 countries evaluated on the program administered by the Korean Ministry of Land Infrastructure and Transportation (MOLIT).
In April of this year, CDC and LH formalized their commitment and collaboration on the project, which resulted in the completion of the feasibility study for the Clark Smart City Urban Development project.
The Clark Smart City development is the first project of its kind in the Philippines. It is also expected to serve as a blueprint for future developments in the Clark Special Economic Zone and other surrounding provinces.