News Release

Gov’t positioning makes Clark City as part of Luzon Economic Corridor attractive to foreign investors — PBBM

The good investment arrangement set up by the government has made Clark City an attractive business and investment destination for foreign investors, President Ferdinand R. Marcos Jr. said on Thursday.

President Marcos tackled the ongoing development in Clark City in an interview in Malacañang with Chang Dae-hwan, the chairman of South Korea’s Maegyeong Media Group.

“I expect it to be mostly American companies,” President Marcos said. “They have come in, and I like to think that the reason for that is because we have set up the system that’s attractive for their investment. And so, we’ll continue to [do] that and will be able to do even better if the [Luzon Economic] corridor is completed, and the travel times and the cost of travel of transport will be brought down,” he added.

Several countries are investing in the Luzon Economic Corridor project, which will intensively focus on key infrastructure such as ports, railways, clean energy, and semiconductor supply chain connecting Subic Bay, Clark, Manila, and Batangas.

The project is seen to elevate the Philippines’ global status.

The President also told Chang that South Korean companies can seize the business and trade opportunities being offered by the economic zones in the Philippines.

“We have right now economic zones where anyone can participate,” Marcos said.

“It’s not specifically only for Korea, only for one industry… but it’s open for everyone and what it provides. It provides a place where there are special incentives, special tax breaks specially tariffs on importation, sales tax because they don’t sell into the country, the President pointed out.

The ecozones offer one common tax code, and incentive scheme, he said. Locator companies don’t have to deal with every single local government units (LGUs), he added.

Those special zones have been very successful and the government is counting on them to continue their success, President Marcos stressed.

Since the start of the investment drive in the Philippines, “there have been many, many, very serious inquiries,” he stated. PND