The Bases Conversion and Development Authority (BCDA) has signed a memorandum of understanding with Standard Chartered Bank Philippines to jointly study investment and urban development opportunities in the Clark Freeport Zone and New Clark City, according to BusinessWorld.

The agreement, signed September 3, covers knowledge-sharing, quarterly discussions and joint feasibility evaluations for potential projects.

Following the studies, Standard Chartered may recommend financing solutions and other forms of support for projects it considers feasible and viable, and could negotiate a separate agreement with BCDA on the appropriate mode of collaboration for individual projects.

The partnership does not automatically commit either party to financing, giving both sides a mechanism to assess potential projects before moving toward specific agreements.

“Having the backing of a leading international bank like Standard Chartered adds credibility to BCDA’s projects and marks a strong vote of confidence for Clark,” Joshua M. Bingcang, BCDA President and CEO told BusinessMirror.

He said the partnership could help mobilise capital for viable projects, easing the financing burden on government and private sector partners while supporting job creation and community development.

“Clark is well-positioned to contribute to the Philippines’ next phase of growth,” said Mike Samson, CEO of Standard Chartered Bank Philippines to Tribune.

Standard Chartered, the first foreign bank established in the Philippines, has operated in the country for more than 150 years, and Samson said the bank’s experience financing infrastructure, power, water and technology projects positions it to assess opportunities with BCDA.

The Clark Freeport and Special Economic Zone spans 35,300 hectares and includes the Clark Freeport Zone, Clark Aviation Capital, Clark International Airport and New Clark City.

BCDA is positioning the area as an investment and innovation hub for semiconductors, advanced manufacturing, aviation, logistics and sustainable urban development, and as part of the Luzon Economic Corridor, a US and Japan-backed initiative launched in April 2024 to connect Subic Bay, Clark, Manila and Batangas.

Featured image: Edited by Fintech News Philippines based on an image by Standard Chartered via its website.