CLARK FREEPORT—The Clark Development Corporation (CDC) and South Korea’s Incheon Free Economic Zone (IFEZ) have entered into a strategic partnership aimed at enhancing cooperation in manufacturing, raw material sourcing, and business process outsourcing (BPO) services.
The agreement was formalized following a benchmarking activity held on April 11, 2025, as part of efforts to foster deeper business interdependence between the two economic zones. Among the key initiatives eyed under the collaboration is the relocation of cosmetic and beauty product manufacturing from South Korea to the Clark Freeport Zone.
CDC President and CEO Atty. Agnes VST Devanadera said the partnership is expected to unlock new investment opportunities by improving supply chain integration and facilitating technology transfer. She noted that aligning the strengths of both Clark and IFEZ will enable local firms to expand operations and tap into broader markets.
“This alliance is a vital step toward a more competitive and innovation-driven Clark,” Devanadera said. “It will enhance our investment ecosystem while creating more jobs and boosting regional growth.”
The CDC-IFEZ engagement stemmed from the recently concluded Philippine Investment Forum in South Korea, which served as the launch event of the CREATE MORE Roadshow. The forum showcased the country’s enhanced incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law, as well as its preferential tariffs and extensive free trade agreements (FTAs).
Organized by the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA), in coordination with the Department of Trade and Industry (DTI) and the Board of Investments (BOI), the forum underscored the Philippines’ readiness to attract strategic investments across high-growth sectors.
CDC officials said the collaboration with IFEZ signals a strong push toward regional competitiveness and long-term economic sustainability.