Clark Freeport bucks global financial turmoil

Clark Freeport Zone and the Metro Clark Area benefited from the sound economic programs of the Philippine government despite the financial crisis last year as the state-owned firm bucked the odds and turned the crisis into investment and development opportunities.

President Benigno Ricafort, during the 17th anniversary celebrations of Clark Development Corp. (CDC), said the economic programs of President Gloria Arroyo gave foreign and local investors, not only in Clark, but also in the entire country, the confidence in doing business in the Philippines.

Ricafort claims that with President Arroyo’s continued support from the investors, 175 contracts were formalized last year of which 71 are new connoting confidence in the existing business climate inside Clark Freeport Zone.

Ricafort added that among the biggest contracts in terms of investment include a diverse mixture of locators from different countries they are HLD Clark Steel Co., Inc. (China); Community Gaming and Amusement Network Inc. (Philippines), Australian International Training and Management Group Pty. Ltd (Australian), and Siccion Holdings, Inc. (Philippines) to name a few.

With these new investors, their total committed investments would amount to more than P5.9 billion with a minimum employment commitment of 2,700 for their first year of operations, not to mention the signing of agreement with a foreign semi-conductor firm on March 2010 that it would invest more or less P22 billion for the next five years, Ricafort said. –Mark Roxas, Manila Times