Clark Airport, Maharlika ink pact to explore investment opportunities

State-run Clark International Airport Corporation (CIAC), the operator of the Clark aviation complex in Pampanga, forged a pact with sovereign wealth fund Maharlika Investment Corp. (MIC) on Friday to explore investment opportunities on major infrastructure and development projects in Clark.

The memorandum of understanding (MOU) was signed by MIC President and CEO Rafael Consing Jr. and CIAC President and CEO Arrey Perez.

The signing was witnessed by Special Assistant to the President (SAP) for Investment and Economic Affairs Secretary Frederick Go.

The MOU between the MIC and CIAC is intended for collaborative funding and development efforts for one of the seven projects in the Clark aviation complex, particularly the National Food Hub.

Apart from the National Food Hub, Perez cited CIAC’s six other flagship projects for possible collaboration with the sovereign wealth fund, namely the World Convention and Events Hub, Urban Renewal and Heritage Conservation Project, Direct Access Link to the Clark International Airport, the New CIAC Headquarters, Upgrading of Road Network and Facilities, and the Detailed Site Development Plan of the Second Runway.

“CIAC’s seven flagship projects seek to contribute to the development of priority industries under the Marcos administration. In empowering the aviation industry, we drive growth in food and agriculture, transportation and mobility, and tourism and MICE (meetings, incentives, conferences, and exhibitions)," Perez said.

He added that there was latent growth potential in these industries, and a partnership with the country’s sovereign wealth fund would infuse the much-needed financial backing to boost these contributions to developing the Luzon Economic Corridor. 

“The partnership between Clark International Airport Corporation (CIAC) and Maharlika Investment Corporation marks a pivotal moment in the evolution of Clark as a premier airport hub," Consing said. 

"This strategic collaboration on key development projects will not only unlock the immense potential within Clark but also propel the growth of the entire Luzon corridor, fostering connectivity, trade, and tourism.”
 
Go, for his part, said that the Marcos administration continues to pursue initiatives that contribute to increasing agriculture production, and improving the food logistical chain.

“The Clark National Food Hub is a step in this direction, and we look forward to its successful establishment as a sustainable food security solution. We likewise support CIAC in its flagship infrastructure projects that would accelerate the development of the airport and its surrounding areas,” Go said.

Perez, likewise, said that CIAC’s projects would contribute to three key areas of development —the Clark National Food Hub would bolster agro-logistics as support to robust agricultural production; the Clark World Convention Center and Events Hub will position Clark as a business tourism destination in the Southeast Asian Region; and the Urban Renewal and Heritage Conservation Project will be a showcase of environmental sustainability in developing resilient and future-proof tourism infrastructures.

Republic Act No. 11954 otherwise known as the Maharlika Investment Fund (MIF) Act of 2023, created the MIC which acts as the sole vehicle for mobilizing and utilizing the MIF for investment and transactions to generate optimum returns of investments. — DVM, GMA Integrated News