CLARK FREEPORT, Pampanga, Philippines — At least P1.6 billion of investments are expected to be poured in by new businesses and foreign investors in this state-run firm, the Clark Development Corporation (CDC) here revealed Thursday.

This amount will be derived from at least 22 new projects and 27 renewals committed to infuse investment in the CDC and generate some 500 jobs in the next five years, said CDC President Felipe Antonio B. Remollo.

Citing the CDC’s Corporate Planning Department report, the leading investor inside the Clark Freeport Zone is the Hae O Rum Development Corporation.

The corporation plans to put up a P1.58-billion facility on a 2.75 hectare area along M.A. Roxas to cater to the educational and recreational requirements of the robust Korean tourism sector.

The project will also initially employ around 30 personnel and gradually need more manpower upon the full extent of its operations.

The report also said that Remollo signed an agreement with Bonsure Everrich International who will invest over P192 million for a facility to process dried meat products traditionally Chinese in origin. It will initially employ 40 personnel.

The CDC said employment increased inside the Freeport by 3.9 percent or from 60,162 workers to 62,510, adding that around 500 more vacancies are expected to be filled before the year ends.

Remollo attributed these accomplishments to the steady growth in the electronics, garments and other manufacturing sub-sectors, along with the expansion of Information Technology sectors inside the Freeport.

He explained that the increase in investment projects in Clark could also be attributed to the sound economic policies of the present administration which gave investors confidence to locate in Pampanga.

Recently, Remollo led the launching of the construction of large investment projects such as Special Precision Tools (Phils) Clark Corporation which will infuse P285 million for the establishment of a manufacturing firm producing chip bonding tools.

Another project is the AT Steel Co., Inc. that is expected to invest some P72 million. It will require a 70 personnel manpower complement for its importation, supply and distribution of steel sheets or coils and structural steel products operations in Clark. Some of AT Steel’s clients include CIAC, Hanjin, Texas Instruments, and PSPC.