THE Clark Freeport Zone (CFZ) in Pampanga has secured P44.5 billion worth investments in the first quarter of 2024.

In a public briefing on Tuesday, Clark Development Corp. (CDC) President and Chief Executive Officer Agnes Devanadera said they did not expect to close the first quarter of this year with a huge amount of secured investments.

"These investments are not just pledges, these investments were all signed with the construction of several establishments in full swing," she said.

A huge chunk of the secured investments, said Devanadera, came from two companies involved in leisure and tourism: Donggwang, one of South Korea's largest developers; and BB International (BBI).

Donggwang is putting up the Hilton Hotel. BBI, on the other hand, owns and operates Midori Clark Casino and is behind Aquaplanet, the biggest waterpark in the country.

Devanadera said that with Aquaplanet's horseback riding and interactive Safari zoo, the CFZ has turned into a "family destination."

Japan's Yokohama Tires has also invested P3.5 billion to be spent in three years while Clark Water has put P5.56 billion worth of investments.

Other investments were also secured for electronic manufacturing facilities and restaurants that are set to open.

The CDC was organized as a subsidiary of the Bases Conversion Development Authority (BCDA) and tasked to manage the CFZ and Clark Special Economic Zone (CSEZ). The zones are two contiguous areas in Pampanga and Tarlac that are considered one of the fastest-growing investment destinations in the Philippines.

CDC oversees the day-to-day affairs in Clark, ensuring that a viable business environment is enjoyed by locators and investors, employees, residents, local communities and all other stakeholders.

It implements sound policies that help create a profitable business climate inside the freeport while helping boost the economies of local communities in and around the Clark area.

Devanera said the CFZ has "two faces" — one for business and another for leisure.

"Live, work and play. That is the motto of [CFZ], that is the theme that we offer here," she said.

Devanadera said initially, the investments will result in the employment of at least 5,000 new workers. Currently, a total of 138,000 workers are employed in the CFZ.

"You can just imagine the high number of employment being generated by these investments," she said.

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