Alloy MTD eyes P9.5 B loan for NGAC development

MANILA, Philippines — Alloy MTD Philippines may partly finance the development of phase 1a of the 220-hectare National Government Administrative Center (NGAC) with a P9.5 billion loan.

Alloy president Patrick Nicholas David told reporters the company is still waiting for bank approval of their loan application.

The Philippine unit of Malaysia-based MTD Capital Berhad is partnering with the Bases Conversion and Development Authority (BCDA) for the development of NGAC within the New Clark Green City.

David said around P4 billion of the development cost would be financed by equity.

Total development cost of Phase 1A is targeted at around P13 billion.

Phase 1A includes  the construction of a 40-hectare world-class sports facility complex which will be used for the Southeast Asian Games in November 2019.

The NGAC involves the development of back-up offices of various government agencies to ensure continuous business operations in case of calamities and disasters.

The project will be modeled after Malaysia’s Putrajaya and South Korea’s Sejong City, as it is envisioned to help ease the traffic gridlock and overpopulation in the capital.

Alloy broke ground for the project last January.

Earlier this week, the Philippine Competition Commission approved the joint venture between MTD Capital Berhad and the BCDA for the 220-hectare project.

The Malaysian company’s investment into the Philippines reflects the confidence of foreign investors in the Philippine market, BCDA said.

It shows not only the vibrant bilateral relations between Malaysia and the Philippines, but also the improved business climate for foreign investors in the Philippines.

BCDA also attributed confidence to the country’s Build Build Build Program.

“The Philippine government’s commitment to get things done when it comes to President Rodrigo Duterte’s Build Build Build” infrastructure campaign has become a magnet for foreign investors, “ the BCDA said.

BCDA cited the US News and World Report released earlier this month which ranked the Philippines as one of the best countries to invest in.

“The said ranking complements BCDA’s vision of making Clark the next premier investment center in Asia,”the BCDA said.