As the third quarter of 2024 winds down, the Italian Chamber of Commerce in the Philippines, Inc. (ICCPI) together with the various European Chambers of Commerce and the Bases Conversion Development Authority (BCDA), held the 2024 Regional Development: Subic/Clark Business Conference at the Dusit Thani Manila Hotel in Makati City on August 30.
The event brought together business leaders, local and foreign chambers of commerce, business associations, and stakeholders to network, foster collaboration and explore new investment opportunities in region III, also known as Central Luzon.
The one-day event specifically highlighted the economic potential of the Subic and Clark areas, two former American military bases that are now leading investment hubs in the Philippines. I was invited to speak about the sustainable development in strategic locations and shared new projects of our company, Italpinas Development Corporation’s (IDC) as we further expand our operations at emerging cities in the Philippines.
As some of you may already know, IDC had its beginnings in Cagayan de Oro City (CDO) where we launched our first project more than a decade ago—the Primavera Residences, a 10-storey twin-tower green mixed used commercial and residential complex. We have expanded beyond of Mindanao since then and have established our presence in Luzon, particularly in Santo Tomas, Batangas. Soon we will also do so in Morong, Bataan, which is very much a part of the Subic Special Economic and Freeport region.
At the event, I discussed the burgeoning economic potential of Clark and Subic, and I am confident that these economic zones could be game changers. The integration of these areas into a cohesive economic corridor promises to attract more businesses, create job opportunities, and improve the overall quality of life for residents of these areas, as well as as well as their respective host provinces of Pampanga and Zambales, and their neighboring provinces of Bulacan and Bataan.
Specifically for Central Luzon (Pampanga, Bulacan, Tarlac, Zambales, Bataan, Nueva Ecija, and Aurora), this interconnected growth strategy is poised to transform the so-called “Rice Granary of the Philippines” into a dynamic hub of commerce and industry, fostering sustainable development and regional prosperity.
As leading real estate services and investment management company Colliers Philippines observes, “Central Luzon is an economically buoyant region with significant contributions to the national economy.”
“In fact, the Philippine Statistics Authority (PSA) reported that Central Luzon is one of only five Philippine regions that posted growths in the first quarter faster than the national level. In addition, the region is the third biggest contributor to the Services and Industry sectors in 2023 (behind NCR and CALABARZON) and the biggest contributor among all 17 Philippine regions to the Agriculture, Forestry and Fishing sector,” Collier wrote.
For Italpinas, investing in Central Luzon has never been this promising. The region’s robust economic performance, strategic location, and ongoing and future infrastructure developments make it an ideal destination for real estate and other business ventures.
The existing Clark and Subic International Airports have established the region as a gateway to Central and Northern Luzon. Additionally, the newly created Bulacan Special Economic Zone, along with the ongoing construction of the New Manila International Airport (Bulacan International Airport) and the Metro Rail Transit Line 7 (MRT7) from North Avenue in Quezon City to San Jose del Monte in Bulacan, will play a crucial role in the development of Luzon.
I am also eagerly anticipating the completion of major infrastructure projects in the area, such as the 163-kilometer North-South Commuter Railway (NSCR), also known as the Clark-Calamba Railway, which aims to enhance connectivity between Central Luzon, Metro Manila, and CALABARZON. Additionally, the Bataan-Cavite Interlink Bridge (BCIB), spanning approximately 32 kilometers, is expected to significantly reduce travel time between the provinces of Bataan and Cavite from around 5 hours to just 40 minutes.
IDC is currently exploring Pampanga, Zambales and Cavite as potential sites for development projects. But for now, let me share with you that we at IDC are very eager to start the development of the Baia Verde Green Estate in Morong, together with our partner, Finca Montero Resources, Inc.
Baia Verde sets itself apart with its unique commitment to both understated luxury and sustainable living. Nestled amidst a lush forest, the project seamlessly integrates green design and sustainable development principles to create a healthy and eco-friendly environment with 5-star resort type amenities. This fusion of Italian design aesthetics and a deep connection to nature will create a truly unparalleled living experience for its future dwellers, less than 2 hours away from Manila. This will be perfect escape from the congested Metropolitan areas for short term visitors, remote workers based in the city, and for long term residents.
With its growing population and increasing demand for residential and commercial spaces, Clark/Subic areas and the whole of Region III offer a wealth of opportunities for investors looking to capitalize on the region’s upward trajectory. IDC is poised to contribute to and benefit from this dynamic growth, even as we reinforce our commitment to sustainable and innovative development in the Philippines.
