Sun.Star: Korean firm to invest $5-M project in Clark

CLARK FREEPORT ZONE, Philippines - A Korean firm will be pouring in $5 million for a tourism-related and recreational project which will be established here, the Clark Development Corporation (CDC) announced. CDC president Liberato Laus said a lease agreement has been forged between the state-owned corporation and CPR Palm Resorts Corporation for the development of high-end residential villas and other recreational facilities here. Laus and Kang Jae Hwan, president of CPR, signed the agreement at the CDC Corporate Headquarters together with the Korean firm's treasurer Huong Soo Jung and Project Architect Mario Edwin Diaz. Laus said Kang is the major stockholder of TKC Construction, a Korea-based firm responsible for the construction of 30 high-rise buildings in Korea. "This is another major project infused by Koreans to the Clark Freeport, making this former US military facility a tourists' haven north of Manila," Laus said. According to Laus, another Korean firm, which he did not name, will be infusing at least $2 billion for the establishment of a semi-conductor manufacturing facility here. "In Clark, we do not create expectations, which is why we are withholding the name of this Korean firm but rest assured that this project will bring the Clark Freeport to greater heights," Laus said. - Sun.Star