NEW CLARK CITY, Tarlac — Land Bank of the Philippines Leasing and Finance Corporation (LLFC) is set to establish leasing and financing facilities for government agencies intending to locate at the National Government Administrative Center (NGAC) of New Clark City (NCC).
This after LLFC inked a Memorandum of Agreement (MOA) with Bases Conversion and Development Authority (BCDA) and MTD Clark, Inc.
“The MOA will be historic in a sense that it will not only greatly assist the fast-tracking of the NCC development but will open new doors for government agencies to avail of this novel instrument, which has not been fully utilized in the Philippines,” BCDA President and CEO Vivencio Dizon said.
Under the agreement, BCDA, MTD, and LLFC will collaborate on a framework to provide a viable option for government agencies to avail of LLFC’s leasing and financial facilities for the acquisition of an office building or office spaces in NGAC.
“The signing is the start of another milestone since we have almost completed the facilities in Phase 1A of NGAC. We thank BCDA for giving us this opportunity to be a co-developer in this project,” MTD Clark, Inc. Chairperson Isaac David said.
As a naturally resilient metropolis, NCC will house back-up offices of various government agencies including a world-class National Sports Center to be used for this year’s South East Asian Games.
Phase 1A of NGAC is now 90 percent complete. It involves the construction of a 20,000-seater Athletics Stadium, 2,000-seater Aquatics Center, an Athletes’ Village, and a 1.4-kilometer River Park Corridor. Meanwhile, Phase 1B involves the construction of more government offices and residential units.
Several government agencies have expressed interest in locating in NCC including the Supreme Court of the Philippines which has signed a Memorandum of Understanding with BCDA for the allocation of a 5.8-hectare lot for its Judiciary Complex.(PIA 3)