The head of a 177-hectare mixed use estate in the Clark Freeport Zone said his company will pour $45-billion into the development of a world-class economic hub in the former US military base.
Clark Development Corporation (CDC) said in a press conference on Tuesday that Michael Russel, president of Global Gateway Development Corporation (GDCC) sees the Clark Freeport as a viable investment destination.
“President Duterte is rightly prioritizing infrastructure. We are very, very pleased,” CDC quoted Russel’s statement.
“It will be a 7-10 year build out; we expect a good return on investments and generate 300,000 jobs once the economic hub is fully operational,” Russel said.
GGDC, formerly known as Global Gateway Logistics City, was founded by The Port Fund, a private equity fund managed by the Kuwaiti firm KGL Investment Company, with Kuwaiti government and other GCC countries as lead investors.
GGDC offers office and retail spaces for leasing to its investors, accommodating business process outsourcing firms, modern transportation facilities, and healthcare industries.
Russel said that American investors in Clark are unfazed by US President Donald Trump’s American First policy, and the latter’s pronouncement that he will “cut regulations and taxes to make it more attractive for businesses to operate in the US.
Russel said that they will stay in the Clark Freeport to fulfill their vision for the estate property.
Once completed, the Economic hub will be divided into four zones: Aeropark, Business Park, Town Center and Logistics Park.
The One West and Two West buildings inside the Aeropark are set for completion in July this year, according to CDC.