By Richmond S. Mercurio (The
Philippine Star) | Updated August 15, 2015 - 12:00am
MANILA, Philippines - The Japanese
government will aid the Philippines in developing the 9,450-hectare Clark
project envisioned as the first disaster-resilient and green city in the
country.
In a statement, state-owned Bases
Conversion and Development Authority (BCDA) said it has signed a cooperation
agreement with the government of Japan through the Japan Overseas
Infrastructure Investment Corp. for Transport and Urban Development (JOIN) to
develop Clark Green City as a major economic center in the Southeast Asia
region.
BCDA president and chief executive
officer Arnel Paciano Casanova said the involvement of the Japanese government
corporation in Clark Green City would lead to multiple joint venture
partnerships that would serve as vehicles for the formation of Japanese
consortium and investments in the field of power, transportation, tollways,
industrial zones and economic centers.
“By investing in Clark Green City, the
government of Japan will help transform it into a major economic center of the
Asean economic bloc,” Casanova said.
Under the memorandum of cooperation
entered by the BCDA and JOIN, Casanova said both parties would craft a project
implementation framework which would ensure the economic, financial and
commercial viability of building and operating Clark Green City.
Casanova said the involvement of JOIN
right at the very start of the planning stage of the project implementation
framework would allow BCDA to identify and attract Japanese private investors
make the project more viable both financially and commercially.
“The goal is to create a viable
project implementation framework through exchanging information, research,
discussions with private companies and both the governments of the Philippines
and Japan, and through conducting market and feasibility studies, among
others,” Casanova said.
Casanova, however, pointed out BCDA
and JOIN may make decisions separately for investment on each of the individual
components that make up the Clark Green City project.
“In the case of JOIN, it may make a
decision in accordance with the investment decision made by private companies
in Japan in partnership with Filipino companies. This will also benefit
Filipino companies through transfer of technology,” Casanova said.
Initially, Casanova said the BCDA and
JOIN are eyeing to set up a joint venture company to conduct feasibility
studies as well as grant concession rights for the various individual projects
that make up the Clark Green City project.
JOIN is a Japanese government
corporation that invests and participates in transport or urban development
projects involving Japanese companies such as bullet trains, airports and green
cities.
BCDA said JOIN has a target investment
of ¥30 trillion worldwide until 2020.
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