CLARK FREEPORT — The Clark Development Corp. was instrumental in the Philippines achieving a ₱1.9 trillion investment increase in 2024, reflecting a 29% rise from the previous year.
Special Assistant to the President for Investment and Economic Affairs (SAPIEA), Secretary Frederick Go, lauded CDC’s significant contribution to the nation’s investment growth as a leading investment promotion agency (IPAs) driving the country’s economic expansion.
In addition to CDC, the Board of Investments (BOI), the Philippine Economic Zone Authority (PEZA), and the Bases Conversion and Development Authority (BCDA) also received recognition from the country’s economic czar.
“We’d just like to point out that the big three agencies that contributed to the performance last year are the BOI, PEZA, and CDC. The fourth one, if we go one more, it’s BCDA. In 2023, it was BOI, PEZA, AFAB, and SBMA [Subic Bay Metropolitan Authority]. In 2024, it was BOI, PEZA, CDC, and BCDA,” Go noted.
He also emphasized that of the ₱1.9 trillion in approved investments, ₱618 billion or 32% was domestic, coming from 100% Filipino-owned companies.
“I think the only thing worthwhile for me to point out here is that they [approved investments in 2024] are largely domestic rather than foreign,” Go added.
Under the leadership of CDC president and CEO Atty. Agnes VST Devanadera, Clark continues to attract significant investments, reinforcing its role as a key driver of economic growth.
“I just hope that you look at this slide and be inspired to also be a top contributor to your country’s investment promotion efforts in 2025 up to 2028. So, I think with CREATE MORE, all of us now have an equal opportunity to offer to all the investors,” enthused Go.
The economic czar shared the report in a meeting hosted by the Department of Trade and Industry-Board of Investments among key government officials to discuss streamlining IPA roles, aligning investment strategies, and maximizing incentives under the newly signed Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Implementing Rules and Regulations (IRR).
Discussions also focused on preparing for international investment roadshows to further strengthen the country’s business landscape and competitiveness. CDC-PR
