THE developers of New Clark City signed an agreement with the Philippine Economic Zone Authority (PEZA) outlining the incentives available to locators.
In a statement, the joint venture of Filinvest Land, Inc. (FLI) and Bases Conversion Development Authority (BCDA) said it signed a registration agreement with PEZA that covering fiscal and non-fiscal incentives for locators in Filinvest at New Clark City.
Filinvest at New Clark City is the group’s township within the 288-hectare estate.
“We thank BCDA and PEZA for formalizing the Registration Agreement for New Clark City. This will greatly encourage businesses and investors to locate in Filinvest at New Clark City,” Filinvest BCDA Clark, Inc. Vice President Francis B. Ceballos said in a statement.
Filinvest at New Clark City will house a residential zone, commercial, mixed-use offices, institutional zone, and a 62-hectare Innovation and Logistic Park as part of the first phase. This industrial zone is set to serve as the economic base of the city, and is scheduled to be operational by the first quarter of 2020.
The company said the industrial zone will target businesses involved in light manufacturing, logistics, storage and warehousing, cold storage, and food processing.
“With the majority of the project’s area dedicated to the industrial zone, it is envisioned to support global businesses with superb accessibility via major infrastructures… It will be a fully integrated development bringing together top international locators and investors with sustainable business and industrial community,” Mr. Ceballos said.
FLI will develop another 60 hectares in the second phase of the development.
Filinvest at New Clark City is part of the 9,450-hectare New Clark City in Capas, Tarlac. It is next to the New Government Administrative Center, as well as the New Clark City Sports Complex.
The company signed an agreement to develop the property with BCDA in 2016 for 50 years.
FLI’s net profit attributable to the parent rose 24% to P1.79 billion in the first quarter, following a 17% surge in gross revenue to P6.83 billion.
Incorporated in 1989, FLI is the real estate arm of conglomerate Filinvest Development Corp., which also has investments in banking, power, sugar, and the hospitality sector.
FLI fell 2.56% or five centavos to close at P1.90 on Wednesday.