Friday, 5 June 2009

New resort complex to rise at Clark

Jessica Anne D. Hermosa
BusinessWorld
http://www.bworldonline.com/BW060509/breakingnews.php#1041

A SOUTH Korean firm will be investing $200 million for a new resort complex at the Clark Freeport's subzone and another P218 million to build the roads there, Clark Development Corp. (CDC) said in a statement on Friday.

Donggwang Clark Corporation will be employing 1,000 workers once the resort at the "Next Frontier" in Sacobia Valley, Tarlac is completed. The company is still drafting the project's site development plan for CDC's approval.

Its investment for roads , will cover the construction of a 1.8-kilometer "Spine Road" and a 4.5-kilometer "East Road 2" that will link the area to the McArthur Highway.

"[The cost of the road construction] will be considered as advance lease rentals following standard government procedures," the statement read.

Earlier, the state agency announced it was developing the 2,000-hectare extension of the freeport to accomodate more investors.Investments there will be qualified for the same economic zone incentives including a four-year tax holiday and a succeeding 5% tax on gross income.

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