FAR FROM the bear, it’s the bull that’s raging at the Clark Freeport.
This, with the constant flow of blue-chip investments. In October last year, BB International Leisure and Resort Development Corp. broke ground for its P2.5-billion highend water theme park, which is expected to spur development in localities around the freeport.
BB International is owned by a Taiwanese group led by Jack Yam and Tony Wang with Filipino partner Irineo Alvaro, a former Angeles City councilor. Just last week, Singapore- based Capilion Corporation Pte. Ltd. entered into a long-term lease agreement worth P7 billion with the Clark Development Corp. (CDC).
The agreement, signed by CDC President-CEO Arthur P. Tugade and Peter YB Tay, president and CEO of Capilion, covered a three-hectare property here to be developed as as a “mixed-used facility,” ideal for business process outsourcing (BPO), residential, commercial, or even retail enterprises.
The Singapore firm presented to the CDC demand drafts totalling almost $4.9 million or approximately P215 million representing the firm’s advance lease, security deposit and performance security plus a reservation for another 8,639 square meters adjacent to its property.
As with BBI International, the CDC also required the Singapore firm to sign an anti- graft undertaking as part of the agreement and exert every effort to hire indigenous people (IP) and persons with disabilities (PWD’s).
These provisions bear the unmistakable stamp of Tugade’s advocacy for a graft-free corporation and his genuine concern for the welfare of the IP’s and PWD’s, a CDC statement said.
Tay also presented a bank certification issued by the Union Bank of the Philippines confirming the firm’s fund of P2 billion for the property development inside this freeport. “This will be the biggest contract to be signed by the new administration in terms of employment generation with a projection of 75,000 that can be accommodated within seven years,” Tugade said.
‘’Our target of breaking the 100,000 employee barrier by the year 2016 is projected to be broken by 2015 because of the entry of Capilion to Clark,” Tugade added. Capilion’s development timelines will be in three phases and is expected to be completed by the end of year 2018.
Capilion Corporation Pte. Ltd. was established by Peter YB Tay in 2006 in Singapore to act as an international private equity and corporate finance advisory firm. It is part of the Capilion Group of Companies, Capilion Financial Limited and Capilion RE Engineering Limited.
The Capilion Group of companies has businesses involved in private equity, corporate services, real estate, financial securities, ship ownership, shipping and shipbuilding, infrastructure development and clean and renewable energy projects.
The group holds various stakes in different countries such as securities industry in Indonesia, ferry project in China, biofuel in Indonesia, infrastructure in Kyrgyzstan, mono rail project in India, and various other real estate projects in South East Asia.
