THE Development Bank of the Philippines (DBP) signed a P9.5- billion loan deal with the construction firm AlloyMTD Holdings Philippines, Inc. for the development of the National Government Administrative Center (NGAC) at the New Clark City (NCC).
The P9.5-billion loan represents 75% of the P13-billion budget to build the first phase of the NGAC while the remaining funds will be provided by Malaysian conglomerate MTD Capital Bhd, according to a statement Tuesday by the Bases Conversion and Development Authority (BCDA).
The DBP board approved the loan agreement on March 21.
The 200-hectare NGAC will be developed in phases by the joint venture between BCDA and MTD Capital. AlloyMTD Holdings Philippines is a local unit of MTD Capital.
“With this loan agreement, a world-class facility will soon rise at New Clark City,” BCDA President and CEO Vivencio B. Dizon said in the statement.
Spanning the municipalities of Capas and Bamban in Tarlac, grounbreaking for the NGAC took place on Jan. 23.
The project’s 40-hectare Phase 1A involves the development of disaster-resilient backup offices of various government agencies, a world-class sports stadium with 20,000 seating capacity, an aquatic center, a village for athletes, government housing, and support service facilities.
The construction of the sports center is targeted for completion by Oct. 15, 2019, in time for the hosting of the Southeast Asian Games.
Phase 1B involves more government offices and residential units on a 20-hectare site, and will be awarded “upon satisfactory completion” of Phase 1A.
“The modern metropolis will be the next growth driver in Luzon and serve as a premiere center of economic growth, true to BCDA’s mandate,” Mr. Dizon added. — Janina C. Lim
