Clark inks 71 agreements in 2016, gets USD1-B investments

CLARK FREEPORT, Pampanga -- The Clark Development Corporation (CDC) signed 71 lease agreements in 2016, committing about USD1.02 billion investments in the next 10 years.

In its annual report, CDC stated that the number of locators at yearend stood at 895 or up by six percent from the 2015 record.

CDC president and CEO Noel F. Manankil has attributed the uptrend in investments in unperturbed confidence of foreign and local investors on the Philippines and this Freeport.

The increase in number of locators was due to the entry of more firms engaged in commercial businesses which represent 32 percent of the total number Clark enterprises.

ICT firms represent 24 percent of the locators while 23 percent are in the service sector inside this Freeport, the report said.

The steady increase of locators started in 2009 where CDC recorded 449 locators,; 464 in 2010; 537 in 2011; 606 in 2012; 679 in 2013; and 750 in 2014.

The report stated that USD923 million was committed by new investors with direct lease agreements with CDC while subleases and those with memorandum of agreement have committed investment of USD97 million.

In 2015, signed direct leases committed USD303 million while the subleases and MOA have only committed investment of USD50 million or a total of USD353 million, the report added. (PNA)

Source: Philippines News Agency

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