BCDA, Filinvest sign deal, dev’t of Clark Green City ongoing

The state-owned Bases Conversion and Development Authority (BCDA) and Filinvest Land Inc. have closed a landmark deal for its joint venture partnership for the development of a 288–hectare parcel of Clark Green City during contract signing ceremonies held at the BCDA Corporate Center in Taguig City. 

This marks the first step toward the full development of the BCDA’s flagship project—the 9,450-hectare modern, intelligent and sustainable Clark Green City. 

“We celebrate a momentous event as the signing of this joint venture agreement with Filinvest Land, Inc. jumpstarts the full development of Clark Green City as the country’s first smart, green and disaster-resilient metropolis,” announced BCDA President and CEO ArnelPaciano D. Casanova. 

According to Casanova, the Joint Venture Corporation (JVC) will be owned forty-five percent (45%) by BCDA and fifty-five percent (55%) by Filinvest Land, Inc. The term of the Joint Venture Agreement is 50 years renewable for another 50 years. The JVC shall have the full development and usufructuary rights over the 288-hectare property. 

“With the signing of the Joint Venture Agreement, BCDA generated P160-million for Filinvest’s right to become BCDA’s partner for the development of the new urban core for innovation, commerce, trade and industry in the country,” Casanova said. 

The signing ceremonies were led by BCDA president and CEO ArnelPaciano D. Casanova and Filinvest President and CEO L. Josephine Gotianun-Yap and witnessed by BCDA chairperson Ma. Aurora Geotina-Garcia and FLI director Joseph M. Yap.   

“Together with Filinvest Land, Inc., we will be building a new global city within the Clark Special Economic Zone that will pump-prime the economy and provide job opportunities to the people of Central Luzon and benefit the Filipino nation,” he added.

For her part, Filinvest president and CEO Gotianun-Yap stated, “As the pioneer developer involved in Clark Green City, we are excited to be a catalyst of growth in such a visionary endeavor. At the same time, this is also a prime opportunity for us to expand our geographic footprint in Northern Luzon.” 

The Filinvest chief executive revealed that the company will soon be mapping out development plans. “Based on the terms of the joint venture, the Filinvest parcel will have two distinct components: an industrial zone and a mixed-use development with residential, office, commercial and institutional elements,” Gotianun-Yap added. 

According to Gotianun-Yap, the comprehensive planning for the development is programmed in the next 9 months with development to start within the next 2 years. 

Clark Green City is envisioned to be a modern, sustainable community which promotes inclusive growth among all stakeholders. 

Chairperson Ma. Aurora Geotina-Garcia noted that the signing “marks the first step of BCDA’s biggest contribution to sustainable urban development in the country.” 

Geotina-Garcia added, “Now is the ripe and opportune time for the government to build a city that will not only absorb the growth of the population but more importantly, sustain the momentum of the sterling economic performance that the country is now experiencing.” 

 Casanova noted that Clark Green City will benefit from the development track record of Filinvest Land, Inc., a leading real estate developer in the country today. 

Filinvest Land, Inc.—as the developer of the 244-hectare Filinvest City in Alabang and the P5-billion  business process outsourcing (BPO) complex called Filinvest Cyberzone Cebu—will bring its expertise in the development of large master-planned township projects to Clark Green City,” Casanova said. 

The chief executive added, “This partnership will bring to fruition our vision to create a new metropolis that will be the center of economic development in the country.” 

Geotina-Garcia said, “BCDA is sharing its vision for Clark Green City with Filinvest—a vision of providing the future generation an accessible, liveable and sustainable community—one which is inclusive and will benefit not just the people of the Central Luzon region but also the rest of the Filipino nation.” 

“What we are doing now is that we are not only building a city but we are creating a legacy which we will leave to the future generations of Filipinos,” Geotina-Garcia said in closing. 

The entire Clark Green City is a 9,450-hectare master planned property within the Clark Special Economic Zone in the province of Tarlac, Philippines. At full development, Clark Green City will have some 1.12 million residents, 800,000 workers and contribute a gross output of approximately P1.57 trillion per year to the national economy or roughly four percent share in the county’s Gross Domestic Product (GDP). 

Filinvest Land, Inc. currently has over 100 projects located in 39 cities and municipalities nationwide.