MANILA, Philippines - The board of state-run Bases Conversion and Development Authority (BCDA) has approved two new "mega" projects that will provide future cash flow for the agency.
BCDA vice chairman president and CEO Arnel Casanova said the new mega projects consist of an elevated monorail to address the traffic problems in the central business districts (CBDs) of Makati, Bonifacio Global City and Villamor Newport City up to NAIA III, and the Clark Green City – practically a new city half the size of Metro Manila to rise in Clark.
“These are legacy projects that will also be future sources of cash flow for BCDA long after it has disposed of its government land assets,” he said.
Casanova said building a “green city” at the 36,000-hectare portion of the Clark Special Economic Zone in Pampanga will cost around P200 billion, while the monorail project will carry a price tag of around P26 billion.
The master plan for the Clark Green City project is expected to be implemented in 2013.
The consortium of Planning Resources and Operations Systems Inc. and Woodfields Consultants has been given until the end of the year to submit the design master plan.
Casanova said a comprehensive master development plan for Clark should bring equitable and inclusive economic benefits to the region without harm to the environment.
“We would like to apply green technologies and we want to reduce the carbon footprint of the city by employing possible technologies to make the city sustainable. It will be high-tech but sustainable with a lot of trees, open spaces in Clark,” he said.
Other PPP (public-private partnership) projects in the pipeline include the improvement of the Kennon Road in Baguio City, the construction of a low-cost carrier terminal in Clark, and the development of the Poro Point airport mall and terminal in La Union.
“We have not finished the master plan for the Clark Green City yet but by December we will have a figure of how much investment. But I think over the years that would be about $5 billion or about P200 billion. That would be the worth of the project but that would be over the years,” Casanova said.
He earlier Clark Green City would be a mix of industrial, institutional and commercial areas, which would apply green technologies and use renewable energy.
Casanova said Clark Green City will spur the development in Central Luzon and the entire country. He said BCDA targets to finish developing the property by 2016, with the first phase of development to be implemented next year.
Meanwhile, Casanova said the feasibility study for a monorail that would link the cities of Makati, Taguig and Pasay is currently being conducted, adding that BCDA hopes to complete the project by 2015.