Korea Overseas Infra to build P9-billion mass housing project in New Clark City

THE Bases Conversion and Development Authority (BCDA) said state-owned Korea Overseas Infrastructure and Urban Development Corp. is set to build a P9-billion mass housing project in New Clark City.

On the sidelines of the Philippines-Korea Business Forum on Monday, BCDA President Joshua M. Bingcang said that the BCDA signed a memorandum of understanding on the project with Korea Overseas Infra.

“This is something that is most welcome because it’s a foreign direct investment and not ODA (official development assistance),” Mr. Bingcang said.

“It will address the housing needs in New Clark City. Because it has been, in the past, a concern among government workers who are being asked to relocate to New Clark City,” he added.

Under the MoU, Korea Overseas Infra will build the first 3,000 housing units in New Clark City, which will be made available to government and minimum-wage workers.

“It will contain 4PH (Pambansang Pabahay Para sa Pilipino Housing) elements. The proposal is for 12 buildings, and I think three buildings will be dedicated for 4PH,” he said.

“The model that we are looking at in that arrangement is (for units at around the) P5,000 to P7,000 monthly lease price range,” he added.

The mass housing project will rise on a five-hectare site and will break ground before the end of the year, he said.

“For this five-hectare site, you will see an investment of around P9 billion. And of course, the indirect benefits will be jobs during construction, technology transfer, as well as the domino effect on the local economy,” he added.

The BCDA also signed a MoA with South Korea’s RMS Platform to conduct a feasibility study on information and communication technology (ICT) applications in New Clark City.

“We want (an) ICT application for governance and business processing for the initial locators that we expect to come in the coming years,” he said.

He said that the feasibility study is expected to take around six months, with a follow-up meeting scheduled for Tuesday.

“We’ll lay down our assignments … So that after six months, they’ll come back and then present to us the business model that fits our project,” he added.

At the same event, the Philippine Chamber of Commerce and Industry (PCCI) signed a memorandum of understanding with the Federation of Korean Industry (FKI).

Under the agreement, PCCI and FKI will seek to promote cooperation in trade and investment among Philippine and South Korean businesses.

According to the PCCI, the parties will focus on energy, defense, infrastructure, ICT and innovation, agriculture, manufacturing, and tourism, among others.

We therefore look forward to the full implementation of the MoU that we signed with the FKI earlier today,” PCCI President Enunina V. Mangio said.

“We believe that with this agreement and with the unwavering support of the Korean Embassy in Manila, we can further unleash a wave of opportunities that will strengthen our friendship towards mutual prosperity,” she added. — Justine Irish D. Tabile