MIC, BCDA firm up partnership

Finance Secretary Ralph G. Recto has commended the recent collaboration between the Maharlika Investment Corporation (MIC) and the Bases Conversion and Development Authority (BCDA), which aims to enhance public infrastructure and generate job opportunities across the Philippines.

The partnership was formalized through a Memorandum of Understanding (MOU) signed on April 29, 2024 between MIC President and CEO (PCEO) Rafael Jose D. Consing, Jr. and BCDA PCEO Engineer Joshua Bingcang.

The MOU facilitates MIC’s exploration of investment opportunities within strategic BCDA properties, including the Clark Freeport and Special Economic Zone.

These explorations are anticipated to lead to several high-impact projects such as the expansion of Clark International Airport, development of affordable housing in New Clark City, and enhancements to Clark’s transport and business districts.

Secretary Recto highlighted the potential of these projects to transform urban communities by improving living standards and creating numerous job opportunities.

“With the wide-ranging areas to be explored by this agreement, we will be creating more sustainable urban communities that not only enhance the quality of life for Filipinos but also generate numerous job opportunities for them,” Recto stated during the signing ceremony.

The BCDA, known for its role in repurposing former military bases for economic use, will work with MIC to further develop its investment strategy, incorporating both local and international financial markets to support the broader goals of the Maharlika Investment Fund (MIF).

Projects like the Clark Integrated Public Transport System and the Poro Point Seaport Modernization program are set to benefit from this partnership, enhancing the infrastructure within the vibrant economic zones. Secretary Recto expressed his enthusiasm about the partnership’s potential, noting it as a benchmark for future public-private partnerships and a boost to the country’s first sovereign wealth fund.

Additionally, the ceremony underscored BCDA’s role in national development funding. BCDA Chairman Delfin Lorenzana and Secretary Recto received a PHP 1.1 billion dividend remittance from BCDA, marking a significant increase from the previous year and bringing BCDA’s total contributions to approximately PHP 9.6 billion since its inception in 1992.

The event was also attended by notable figures such as Department of Transportation Secretary Jaime Bautista and representatives from various government and financial institutions, signaling broad governmental support for this initiative.

This strategic partnership is poised to pave the way for a prosperous future, unlocking a wealth of opportunities across the Philippines and setting a strong precedent for the integration of public assets into national growth strategies.