The state-owned Bases Conversion and Development Authority (BCDA) is inviting investors to put up a retirement village for foreign retirees in Clark Green City in Central Luzon.
BCDA President and Chief Executive Officer Arnel Paciano Casanova, speaking before the members of American Chamber of Commerce of the Philippines (AmCham), said the Clark Green City is conducive for foreign retirees with its eco-friendly environment through the project’s smart urban planning.
Clark Green City, a 9,450-hecatare development of BCDA, is targeted to be the country’s first smart, green, and disaster-resilient metropolis.
Despite being eyed to be a new metropolis in the country, Clark Green City is in proximity to the Mount Pinatubo range and is surrounded by valleys and hills of Tarlac province which provides a climate favorable to retirees.
“Our huge appeal for foreign retirees is the country’s cost of living which is readily affordable,” Casanova said.
“The country’s picturesque destinations, our English-speaking and friendly people are also major factors that make the Philippines a much more welcoming place for Western retirees,” he added.
Since the Clark Green City is run by a government-owned and -controlled corporation (GOCC), any wholly-owned foreign companies that are interested to invest may directly negotiate with the BCDA.
“Since it is a special economic zone, the Foreign Investment Lease Act allows BCDA to undertake direct negotiations for foreign direct investments,” Casanova said.
“The Clark Green City will surely be appealing to foreigner retirees seeking legal and long-term residency here,” he added.