The Bases Conversion and Development Authority (BCDA) wishes to clarify that it did not borrow from any Malaysian bank for the construction of sports facilities in New Clark City.
BCDA’s project partner, development firm AlloyMTD, undertook the construction and the development of New Clark City Phase 1A, which includes the sports facilities, through its own sources of financing.
One of the payment options in the joint venture terms is to pay AlloyMTD P2.2 billion per year; but to avoid paying more interest charges, the government opted to pay in full upon completion and acceptance of the sports facilities as approved and reflected in the 2019 General Appropriations Act (GAA).
The developer has undertaken the project of building New Clark City Phase 1A through its own sources of financing. To this date, the government has not paid a single centavo to AlloyMTD.