The Clark Development Corporation (CDC) in the Philippines is intensifying efforts to attract foreign investors, starting with Taiwanese companies to enhance economic activity in the Freeport zone. The company shared that CDC President and CEO, Atty. Agnes VST Devanadera recently met with representatives from 17 Taiwanese firms in collaboration with the Manila Economic and Cultural Office (MECO) Chairperson, Atty. Cheloy Velicaria-Garafil.
Devanadera underscored the importance of maintaining a strong business environment, acknowledging the contributions of locators to the Philippine economy. “Let me first express our sincere appreciation at CDC because this community has never given us problems. It is probably because our lines of communication have always been open. Any difficulty, we talk,” she said.
As part of its ongoing initiatives, the CDC is encouraging Taiwanese businesses to collaborate with other locators in the zone, fostering mutual growth. This aligns with the business interdependence programme launched last year, which aims to create synergies among businesses in the area.
“We mean business. We want to help you because we know you’re here since we promised you a good business climate. So, on top of the good business climate, we encourage you to do business with one another,” Devanadera remarked.
Strong interest from Taiwanese investors
MECO Chairperson Velicaria-Garafil highlighted the enthusiasm of Taiwanese firms to expand their operations in the Philippines. “I can see the sincerity of the Taiwanese people to do business in the Philippines. So that’s why I was telling Ma’am Agnes [Devanadera] that we should take advantage of their very open invitation, very open collaboration with us,” she noted.
Economic impact of Taiwanese investments
Taiwanese investments in the Clark Freeport Zone have reached $190.62 million as of September 2024, generating 2,076 jobs and contributing $10.32 million in exports. BB International Leisure and Resort Development Corporation, EVA Airways Corporation, and Starlux Airlines Co. are key players in the zone.
The meeting included other Taiwanese firms like Bestelement Industrial Ltd. Inc., Fwu Kuang Enterprises Corp., and Multi-Tek Fasteners Incorporated, highlighting a diverse range of industries represented in Clark.
Clark’s vision for expansion
Clark authorities aim to attract more international partners to the freeport zone, focusing on tourism, education, and aviation industries. With its proximity to Clark International Airport, which handled 2.4 million passengers in 2024, the Freeport zone is expected to create around 600,000 jobs once fully developed.
While many operators, such as Hann Resorts, have thrived in Clark, others, like Fontana Resort & Country Club, have faced challenges, with operations recently suspended due to financial issues. Despite these setbacks, Clark remains a promising hub for growth, with companies like Belle Corp viewing it as a “strategic location” for expansion.
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