Japan infra firm, BDCA ink joint venture pact for Clark Green City

The Philippines has scored a new investment deal from Japan, following the signing of a joint venture agreement (JVA) between the Bases Conversion Development Authority (BCDA) and the Japan Overseas Infrastructure Network (JOIN) to develop the Clark Green City.

“It’s a joint venture agreement with Japan Overseas Infrastructure Network  for a GOCC (Government-owned and controlled corporation) with BCDA to fund and develop specific projects in Clark Green City,” BCDA President and CEO Arnel Paciano Casanova told reporters at the sidelines of the International Forum on Urbanization and City Building in Taguig City on Tuesday.

Under the JVA, both agencies will form a joint venture company which will be 55-percent owned by JOIN. The remaining 45 percent will be owned by the BCDA.

With the signing of the JVA, Casanova said that they are now looking at procuring companies to create a master plan for the Clark Green City with an estimated amount of $2 million.

“We need to do a detailed master plan with a mass transport system. We’ve signed the contract (of the JVC) already. The company will be incorporated and we will engage consultants. We hope the master plan can be finished by the end of the year,” Casanova said.

This was echoed by JOIN President and CEO Takuma Hatano who noted that the project is still in its first stage of development.

“The first stage of the project is the master plan when it comes to the development stage... We have an initial investment of $2 million – out of the $2 million, 55 percent comes from JOIN mostly for the master plan,” he said.

“This master plan will figure out how much (more investments will be needed for the full project)... Manila is already a big city with traffic congestion. This new city should mitigate these problems,” he added.

The initial phase of development includes the construction of infrastructure projects and a framework for the city.

“Very basic infrastructure... This project would be very much successful. There are great opportunities for the Philippines to showcase the development of a city,” he said.

According to BCDA’s Casanova, the Clark Green City is expected to reach the development seen in the Bonifacio Global City within 15 to 20 years, and is expected to fully be developed in the next 30 to 40 years.

“(We expect the development of the) first phase on the next 15 to 20 years assuming we continue to grow by 6 percent annually,” Casanova said. -NB, GMA News