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Edited by Ritu13 at 22-12-2023 01:40 PM
According to a report by the Clark Development Corporation (CDC), investments in the Clark Freeport Zone in the first half of 2023 exceeded $5.5 billion, including contributions from various industries like the gambling and tourism sectors. During a business conference held in Manila, Ms. Agnes Devanadera, the President and CEO of the Clark Freeport Zone, mentioned that in the first half of this year, investors expanded their operations by renewing leases and resuming projects that were put on hold due to the COVID-19 pandemic.
Devanadera stated, "In the first half, we facilitated $5.5 billion in investments. Royce Hotel and Casino spent $17.6 million on construction and renovation of its buildings in the first half of 2023, with total expenditures reaching $176 million. The Royce Hotel and Casino, located in Rodolfo Pineda, is currently undergoing its second phase of development. The casino will have 1,500 slot machines, 150 gaming tables, making it the largest casino in Clark, along with 297 luxury hotel rooms."
By the end of the year, CDC hopes to double its annual revenue. As of May 2023, the remittances to the federal government amounted to $21.1 million, and according to CDC, this remittance is expected to reach $26.4 million by the same period in 2024. The federal government receives half of the net income, while the other half is used to fund infrastructure upgrades. The Clark Freeport Zone in the Philippines remains a favored destination for investors and a driver of regional economic growth. |
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Post time 8-11-2023 09:57:05