Manila: The construction of the Bangko Sentral ng Pilipinas' (BSP) 31.3-hectare security complex in New Clark City will push through after its detailed development plan has been approved by the Bases Conversion and Development Authority (BCDA).

According to Philippines News Agency, the BCDA announced that the construction of the central bank's complex in Tarlac supports the government's initiative to decongest Metro Manila and aims to boost development and the economy of Central Luzon. BCDA President and Chief Executive Officer Joshua Bingcang highlighted the significance of the move, stating that by transferring critical operations of the central bank to New Clark City, the project will accelerate countryside development, stimulate job creation, and strengthen institutions for future generations.

The BCDA's statement emphasized the benefits for workers in Tarlac, who will be given priority in employment opportunities, as well as those from neighboring areas. Bingcang noted that the movement of skilled workers and their families will invigorate the local economy, generating new demand for housing, retail, transport, and public services in Tarlac and nearby provinces.

The BSP Complex will be on a 50-year lease and is designed to be secure and self-sufficient for the central bank's essential functions. It will feature open spaces aligned with New Clark City's smart and green city design. The BCDA further stated that the development is committed to sustainability, with the BSP Complex being designed for Leadership in Energy and Environmental Design (LEED) certification, ensuring world-class standards in energy efficiency, climate resilience, and environmental performance.