Korean firm sets $200-M Clark venture

BUSINESS WORLD
Saturday, June 6, 2009 | MANILA, PHILIPPINES

A South Korean firm will be investing $200 million for a resort complex at the Clark free port’s sub-zone and another P218 million to build roads there, Clark Development Corp. (CDC) said in a statement on Friday.

Donggwang Clark Corp. will be employing 1,000 workers once the resort at the "Next Frontier" in Sacobia Valley, Tarlac is completed. In the meantime, the firm is still drafting the site development plan which will need CDC approval.

The investment for roads, meanwhile, will cover the construction of a 1.8-kilometer "Spine Road" and a 4.5-kilometer "East Road 2" that will link the area to McArthur Highway.

"[The cost of the road construction] will be considered as advance lease rentals following standard government procedures," the statement read.

Earlier, the state agency announced it was developing the 2,000-hectare extension of the free port to accommodate more investors. Investments there will be qualified for the same economic zone incentives including a four-year tax holiday and a succeeding 5% tax on gross income. — JADH

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