Manila: The Bases Conversion and Development Authority (BCDA) and Standard Chartered Bank have entered into a partnership to conduct joint feasibility studies and explore sustainable urban development and investment opportunities within the 35,300-hectare Clark Freeport and Special Economic Zone in Pampanga. This collaboration marks a significant step towards enhancing the area's development potential.
According to Philippines News Agency, BCDA President and CEO Joshua Bingcang and Standard Chartered Bank Philippines CEO Michelangelo Kho Samson formalized the partnership by signing a memorandum of understanding (MOU) on September 3. The MOU outlines their commitment to share expertise, engage in regular quarterly discussions, and perform feasibility evaluations to identify viable project opportunities.
The BCDA's news release highlighted that upon completing the feasibility studies, Standard Chartered Bank might propose financing solutions and other support mechanisms for feasible projects. The bank would then negotiate with BCDA to establish a suitable agreement and collaboration framework for these projects.
Bingcang emphasized that collaborating with Standard Chartered Bank enhances the credibility of BCDA's projects and demonstrates confidence in Clark's potential. He noted that such partnerships are crucial for mobilizing the capital necessary to advance viable projects, alleviating the financial burden on both the government and private sector partners. This, in turn, could lead to increased investment, job creation, and strengthened communities.
Samson highlighted Clark's strategic importance to the growth of the domestic economy. He remarked on Standard Chartered Bank's long-standing presence in the Philippines, providing essential banking solutions for infrastructure, power, water, and technology projects across both public and private sectors. He expressed enthusiasm for working with BCDA to further its sustainable development goals, aligning with the agency's mission to commercialize government bases for economic and social progress.
