Ricafort report

When long-time Clark Development Corp. director Benigno N. Ricafort assumed on Aug. 1 last year the position of CDC president and chief executive officer, the cloud of the global financial crisis was there hanging over his head.

Although he knew the negative impact of the crisis, Ricafort took on the assignment from President Arroyo. Giving us yesterday a preview of his first annual report, he said among other things:

• Since August 2008, CDC has signed 73 new investment projects that will infuse fresh capital with a projected commitment of $280 million or about P14 billion.

• Clark has 417 active locators with some P70 billion in investments, more than 55,000 workers, and exports of close to $1 billion.

• The biggest investment gain this year came from new tourism projects and the expansion from the International Container Terminal sector with P11.2 billion committed investments.

• While there was a decline in foreign direct investments of close to 50 percent for the first quarter of 2009, second quarter data showed a big leap with more than a billion-peso worth of contracts signed.

• Local and international civil aviation authorities have allowed the processing of 22 withheld projects in the western section of Clark after declaring the area a “no-fly zone,” thus lifting building height restrictions there.

• The CDC has just concluded its road show for stakeholders in the Next Frontier, a legacy project of President Arroyo that will develop more than 10,000 hectares in the Sacobia Valley south of Clark proper. Expected investments could bring in $5 billion and employ 143,000 more workers.–Federico Pascual, Jr., Philippine Star