Banking executives hailed the Pax Silica project at the New Clark City, citing the role it could play in propelling the development of the so-called Luzon Economic Corridor.
Romel Libo-On, BDO Senior Assistant Vice President and Head of Research, Investment Management Trust and Investments Group, said the initiative to establish a huge investment project like the Pax Silica will be a boon to the economy.
“It’s really positive from what we are seeing. In similar initiatives in the past to develop this area. Any activity like that is going to be even more positive,” Libo-On said. He made the remarks during BDO’s Business Talk before members of media.
Pax Silica is a 1,600-hectare economic security zone that will be established at New Clark City (NCC), as the Philippines is the 13th country that had joined the US-led economic alliance. The Philippines’ participation is expected to harness minerals and rare earth elements that will bring higher value production of semiconductors in the country.
Libo-On said that the undertaking will push the development of the Luzon Economic Corridor, an infrastructure-led development and supply chain that connects Clark, Subic, Metro Manila and Batangas. It is supported by the United States and Japan.
“It’s only one part I recall. It’s the economic corridor that is the bigger story here. Pax Silica (there) is going to be a facility there but you know there is a lot of talk of extending that all the way to Bataan where you have other ports,” he added.
He also sees ports in other Central Luzon provinces to be benefitting from the project once realized.
“So, it would be the start. I think they are very keen to start it as soon as they can in New Clark City area. I wouldn’t be surprised if that gets succesful it will extend all the way to the rest of the provinces,” he furthered.
BDO executives have cited Clark, Pampanga and other Central Luzon areas for its robust economic standing despite a slow down in economy in terms of inflation and foreign direct investments.
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