AlloyMTD secures P9.5 billion DBP loan for Clark NGAC

MANILA, Philippines — Construction firm AlloyMTD Philippines has secured a P9.5-billion loan from the Development Bank of the Philippines (DBP) for the development of the National Government Administrative Center (NGAC) in New Clark City.

AlloyMTD Philippines president Patrick Nicholas David said the loan represents 75 percent of the P13 billion budget to build the first phase of NGAC.

He said the rest would be the equity counterpart of MTD.

The project is a joint venture between AlloyMTD and state-owned Bases Conversion and Development Authority (BCDA).

“With this loan agreement, a world-class facility will soon rise at New Clark City. The modern metropolis will be the next growth driver in Luzon and serve as a premier center of economic growth, true to BCDA’s mandate,” BCDA president and CEO Vivencio Dizon said.

BCDA said the loan agreement was approved by the DBP board last March 21, shortly after the Philippine Competition Commission approved the joint venture between BCDA and AlloyMTD.

NGAC broke ground in New Clark City last Jan. 23. The 40-hectare Phase 1A of the project involves the development of disaster-resilient back-up offices of various government agencies, a world-class sports stadium with 20,000 seating capacity, Aquatic Center, village for athletes competing in the 2019 Southeast Asian Games, government housing, and support service facilities.

Upon completion of the project’s Phase 1A, BCDA said work for the project’s Phase 1B would commence which would include the construction of more government offices and residential units on a 20-hectare land.