Investment in Clark Freeport Zone reaches $5.5 billion in first six months of 2023

According to the Clark Development Corporation (CDC), more than $5.5 billion was invested in the Clark Freeport Zone in the first half of 2023. Contributions came from a range of businesses, including gaming and tourism.

During a business meeting in Manila, Atty. Agnes Devanadera, the President and CEO of the CDC, stated that locators began growing their operations in the first half of the year by extending leases and completing projects that had been postponed due to the COVID-19 outbreak.

“We have facilitated $5.5 billion in the first semester,” Devanadera stated, adding that the region’s cheap cost of electricity made it an appealing place for investment.

Royce Hotel & Casino spent $17.6 million in the first half of 2023 building and renovating its buildings, for a total of $176 million in outlays. The Royce Hotel and Casino in Rodolfo Pineda is now undergoing phase 2 construction. With 1,500 slot machines and 150 gaming tables, it will have the biggest gaming floor in Clark, along with 297 luxurious hotel rooms.
By the end of this year, the CDC hopes to have more than doubled its yearly earnings. As of May 2023, remittances to the federal government were $21.1 million; according to the CDC, remittances should have reached $26.4 million by the same date in 2024. The federal government receives half of the net earnings, with the remaining half going toward funding infrastructure upgrades.

The Clark Freeport Zone in the Philippines continues to be a sought-after location for investors and a major engine of growth in the local economy.

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Original story by: IAG