Newsletter_March-April '10 Save PDF - Philippines Bases ...

the rest of Bonifacio and Villamor offers diverse and alternativechoices for customers in terms of real estate products, therebyincreasing and expanding the revenue base from theseproperties.On the other hand, BCDA also ensured sustainabledevelopment in Bonifacio and Villamor by optimizing capitalvalues and investments and by undertaking long-term andresponsible master planning. In Bonifacio Global City alone,some 2.9 million square meters of gross floor area are expectedto be built by 2012. Total investments in the acquisition of land,horizontal and vertical developments, utilities and infrastructureand as well as the purchase by third parties of condo unitsin Bonifacio and Villamor are estimated at US$5 billion(exchange rate of P46: US$1). Concomitantly, jobs generatedfrom investments in Bonifacio and Villamor have reached morethan 60,000 and are seen to accelerate over time as multipliereffects of construction and take-up of offi ces and commercialareas are fully realized.Bonifacio Global City is now host to world-class landmarkslike the recently-opened St. Luke’s Medical Center and theunique mixed use development in Serendra and BonifacioHigh Street. Soon to start construction is the Mind Museum, astate-of-the-art, highly-interactive science exhibition centerwhich will take its place as one of the best in the world. Thiscomplements the strong institutional element and internationalcharacter in Bonifacio brought about by the presence ofthe International School, British School and Manila JapaneseSchool, the Singapore Chancery, as well as the British andKorean Embassies.Completion and Opening ofthe Subic-Clark-Tarlac ExpresswayThe Subic-Clark-Tarlac Expressway (SCTEX), the longest tollroad in the country, exemplifi es the government’s will to spreaddevelopment outside Metro Manila. Financed by a concessionalloan from the Japanese Government, the construction of the94-kilometer SCTEX was started in April 2005 and completed inrecord time of less than 3 years in March 2008.The SCTEX ensures the complementary development ofSubic and Clark. The international airport in Clark and thedeep-water seaport in Subic, along with the SCTEX, will formthe backbone of an international logistics hub that will serveAsia-Pacifi c and the rest of the world.Development of Special Economic Zonesin Clark and Its ExtensionsOver the years, the Clark Freeport and Special EconomicZone has created a critical mass of tourism, light industrial,business processing service, aviation-related and logisticsrelatedbusinesses in Central Luzon. This resulted to more than58,000 jobs in the zone as of end-2009. Foreign and localinvestors poured in an equivalent of more than P70 billion,notable of which are Yokohama, SMK, Nanox, Kyowa, etc.The aforementioned does not as yet include the US$1.5 billioninvestment of giant American I.T. fi rm Texas Instruments.continuation on page 1211