Spain plans to halt Russian LNG imports from 2027

Spain plans to stop importing Russian liquefied natural gas (LNG) from January 1, 2027, despite existing long-term supply contracts held by Spanish companies, Foreign Minister José Manuel Albares said.

According to Albares, Madrid intends to comply with the European Union’s restrictions on Russian LNG imports.

He noted that some Spanish companies still have active LNG contracts, which are typically signed for many years and cannot be terminated immediately.

“LNG supply contracts are long-term agreements. They are not something that can be resolved at the last minute, as they often remain in place for decades,” Albares added.

The Spanish foreign minister also highlighted that Spain has one of the largest LNG storage and regasification capacities in Europe. He said this infrastructure could allow the country to support other European states by helping secure gas supplies from alternative reliable partners, including the United States.

Earlier, Hungarian Minister of Economy and Energy Istvan Kapitany said that Budapest expects to ensure its gas supplies without Russian gas by October 2027.

It should be noted that Europe’s natural gas storage facilities are currently 61.6% full, compared with 74% during the same period last year.

According to Gas Infrastructure Europe (GIE), natural gas prices in Europe have risen by as much as 5% amid low storage levels and supply disruptions. At the Netherlands’ TTF hub, the price of natural gas has reached pound 68.36 per megawatt-hour.

Alas women vow to learn, come back stronger from Asiad experience

For Alas Pilipinas Women, the Aichi-Nagoya 20th Asian Games was about the chance to compete for a medal, and a ninth-place was never the dream, but it became the best outcome after their quarterfinal hopes were cut short.

So the Filipinas had to shift gears and head coach Taka Minowa gave them a new target – win all three classification games and finish as high as they could.

They did exactly that and closed out with a straight-set win over Hong Kong, 25-21, 25-9, 30-28, on Tuesday night to seal ninth place – a victory the Filipinas clinched ahead of the women’s volleyball gold medal match won by China, 25-19, 25-20, 25-23, at the Okazaki Chuo Sogo Park Gymnasium.

But the victories do not change the fact that they did not reach their goal – Alas came to Nagoya wanting more, knowing they can do more.

China and Kazakhstan stopped their run, with the former sweeping the Filipinas, 18-25, 22-25, 8-25, and the latter earning a 29-27, 24-26, 25-23, 25-19 victory.

The Kazakhstan match showed two sides of this Alas team – enough fight and firepower to push a stronger opponent, but not enough consistency to finish the job.

New goal, new mindset

The medal was gone, but the tournament wasn’t.

Minowa made sure his players understood that. Three games remained, and all had to go their way. Alas took care of business, beating Qatar (25-8, 25-2, 25-9), Mongolia (25-13, 25-11, 25-20) and Hong Kong to close on a three-game winning streak.

For Angel Canino, the wins mattered.

‘Actually, happy kami. Although hindi ‘yun yung gusto naming overall goal sa Asian Games, happy kami sa lahat ng wins namin… yung mga nagawa namin as a team and, of course, yung learning experience,’ Canino said.

It was Canino’s first Asian Games.

‘Grabeng achievement siguro individually… such an amazing experience na makasama ko my ates, na makasama ako sa Philippine national team. Kasi yung iba diyan, ini-idolize ko din,’ she said.

Bella Belen was candid about what the tournament exposed.

‘Iba. Iba talaga yung laruan. Ang dami naming napulot, lalo na sa amin mga bata,’ she said. ‘Alam namin na meron pang dapat itaas. Taas pa namin yung level of playing namin.’

It showed what needs to improve. Minowa also saw progress after facing China and Kazakhstan.

‘Actually, I think we have improvements… we have a lot to gain, experience. We became better team,’ Belen added.

But now comes the harder part: How do you turn those lessons into actual progress?

A promising sign is that Canino is already looking five years ahead, hoping for a quarterfinal breakthrough and Belen saying the same thing – she wants to be back and finish higher.

So yes, Alas Pilipinas Women finish ninth. But ninth needs context. It was the best they could do after the medal run ended.

They came to Nagoya wanting a medal. They leave with ninth place but a clearer idea of how to get closer to one.

Commercial ship comes under attack in Strait of Hormuz

A commercial vessel was attacked in the Strait of Hormuz, causing a fire to break out on board.

According to the United Kingdom Maritime Trade Operations (UKMTO), an unidentified projectile struck the vessel, sparking a fire. The crew members were evacuated, with two of them reportedly injured.

The name of the vessel, its flag, port of registration and the exact coordinates of the incident have not been disclosed.

Authorities are investigating, and there are no reports of any environmental impact, the monitor says.

The Strait of Hormuz is a narrow maritime passage between the Persian Gulf and the Gulf of Oman, holding significant strategic importance as approximately 20% of global oil supplies and around 25% of liquefied natural gas (LNG) exports pass through it. Essentially, it serves as an energy artery for countries in Asia, Europe, and even the United States.

The strait separates Iran from Oman, and in some areas, the width of the shipping channel is only two miles on each side. Given its critical role in global energy supply chains, ensuring the safety and security of this vital waterway is paramount for international trade and economic stability.

Classes in 2 Negros schools suspended over threat

An online threat against students of the E.B. Magalona National High School in Negros Occidental prompted local officials to cancel classes yesterday.

Mayor Matthew Louis Malacon said the threat was posted on Facebook.

Aside from the high school, the local government also canceled classes at the E.B. Magalona Elementary School to ensure the safety of students and teachers.

Malacon urged residents to remain calm as authorities are looking into the matter.

Chamber of Marine Industries appoints Ricky Barnett as new Chairman at AGM in Colombo

The Chamber of Marine Industries of Sri Lanka (CMISL) successfully held its Annual General Meeting (AGM) on 15 September 2026 at Amari Colombo, bringing together distinguished guests, industry leaders, professionals and members of the marine and maritime sector.

The AGM marked an important milestone for the Chamber, providing an opportunity to reflect on the progress and achievements of the past year while setting the direction for the future development of Sri Lanka’s marine industry.

The event was graced by, Industries and Entrepreneurship Development Ministry Secretary Thilaka Jayasundara as the Chief Guest, while the Export Development Board Chairman/CEO Mangala Wijesinghe, attended as the Guest of Honour. The presence of these distinguished representatives, together with leading personalities from the marine, maritime, shipping, boat-building, tourism and related sectors, added significance to the occasion.

The AGM also saw the appointment of the new office bearers of the Chamber. Ricky Barnett was appointed as the new Chairman, with Adityavikram More continuing as Secretary and Akalanka Rathnayaka serving as Treasurer. The new leadership will work closely with the Executive Council and Chamber membership to further strengthen the industry and promote the interests of Sri Lanka’s marine sector.

The incoming Chairman Ricky Barnett, was warmly welcomed by the membership, with members expressing their confidence in the new leadership and their commitment to supporting the Chamber’s initiatives in the coming year.

The outgoing Chairman Indhra Kaushal Rajapaksa, congratulated Barnett on his appointment and wished him every success in his new role. During his tenure, Rajapaksa played an important role in supporting the Chamber’s activities and advancing initiatives aimed at strengthening Sri Lanka’s marine industry. His contribution and leadership were acknowledged with appreciation by the Chamber and its members.

The AGM provided an opportunity for members to engage with industry stakeholders and exchange views on the opportunities and challenges facing the marine sector. Particular emphasis was placed on the importance of collaboration between the private sector, government institutions and other industry stakeholders to create an enabling environment for sustainable growth.

Recognising Sri Lanka’s vast potential in marine-sector manufacturing, boat building, marine and offshore services, nautical tourism, and marine sustainability, the Chamber continues to serve as a vital platform for industry representation, collaboration, and growth

The AGM concluded with appreciation extended to the Chief Guest, Guest of Honour, distinguished guests, members, sponsors and all stakeholders who contributed to the success of the event.

The Chamber looks forward to working under the leadership of Chairman Ricky Barnett, together with the Executive Council and its membership, to further strengthen Sri Lanka’s position as a competitive and sustainable maritime and marine hub in the region.

Julius Berger, subsidiaries display broad range of construction solutions at Big 5 Expo

Julius Berger Nigeria Plc and its subsidiaries are showcasing a broad range of construction, engineering, manufacturing and facility management solutions at the Big 5 Construct Nigeria Expo in Lagos.

The expo, which brings together leading construction and engineering companies from Nigeria and other parts of Africa, Europe, Kuwait, Asia and the Middle East, provides a platform for manufacturers, developers, contractors, consultants, suppliers and technology providers to explore business opportunities and exchange ideas on the future of the construction industry.

At the centre of the Julius Berger Group’s participation is its pavilion, where visitors can explore the diverse capabilities of the Group and its subsidiaries, highlighting its evolution beyond traditional construction into an integrated provider of engineering, infrastructure, manufacturing and support services.

According to a statement made available by the company, one of the key exhibitors is ABUMET Nigeria Limited, the Group’s specialist aluminium and glass solutions company. The company is displaying a range of products, including its latest Glass Bridge and Balustrade Star, a unique ABUMET Grid2shell product, as well as aluminium windows, curtain walls, façade systems and bespoke architectural solutions for commercial, residential and industrial projects.

Visitors to the ABUMET stand are also engaging with the company’s experts on its fabrication processes and sustainable building technologies.

PrimeTech Design and Engineering Nigeria Limited is another major participant at the pavilion, showcasing its expertise in architectural, structural, mechanical and electrical engineering, infrastructure planning and design.

Its exhibition highlights modern engineering concepts, sustainable development solutions and master-planning capabilities applied across sectors including infrastructure, oil and gas and other areas of the economy.

Julius Berger Precast Services is also displaying a range of engineered concrete products, including paving stones, blocks, pipes, drains and other precast solutions. The company is highlighting the role of quality precast products in improving construction efficiency, shortening project timelines and enhancing the durability of infrastructure.

The Julius Berger Excellence Centre and the Group’s Facility Management operations are equally represented at the expo, offering visitors insights into property maintenance, facility management and technical support services aimed at improving the lifespan and performance of clients’ assets.

The company added that the international participation at Big 5 Construct Nigeria is further underscoring the growing importance of technology, innovation and sustainable solutions in the construction sector, with exhibitors presenting advanced equipment, smart building technologies, sustainable materials and digital solutions designed to improve productivity and project delivery.

Representatives of the participating Julius Berger subsidiaries described the expo as an important platform for networking, exchanging ideas and developing new business relationships. The event is also providing an opportunity for the Group to reconnect with existing partners while introducing prospective clients to the range of expertise available across its businesses.

’Breathtaking’: Adventure across Greece in 10 days

Long before Angela Kariuki boarded a flight to Greece, she had seen the pictures, pinned them to her vision board, and imagined posing against Santorini’s blue-and-white backdrop. What she didn’t imagine, however, was arriving without her luggage.

‘My partner and I left for Greece on the 23rd of August,’ says the 41-year-old mother of two.

‘Normally, I never check in all my bags because I once went on a trip to Europe where the luggage was left behind and we never got it back until after the trip was over, but somehow, my partner convinced me to check everything in for this trip. So when we landed, we had no bags.’

The mishap turned their arrival into a scramble. Angela temporarily lost her cool. The taxi that was meant to pick them up left because filling out the paperwork needed to recover their luggage took too long. And then when they finally went out to buy some essentials, they discovered that stores in Athens close early on Sundays.

This was not the Greek welcome Angela had envisioned, but having a partner who stayed calm through the crisis and a travel agent who quickly stepped in to make alternative arrangements helped get the holiday back on track.

Over the next 10 days, they would explore three destinations: Athens, Santorini and Mykonos, starting with the Greek capital.

‘We stayed at the Grand Hyatt, which is essentially at the centre of the city,’ she says. ‘My partner chose it largely because it has incredible views. From the rooftop, you can see all of Athens around you.’

A glimpse of the Acropolis

The view also gave them their first glimpse of the Acropolis, which was the first place they visited during their three-day stay in Athens.

There, they walked through the monumental gates that separated mortal men from the immortals (the Propylae), learnt about the ancient Greek gods, and toured ancient temples, including one dedicated to Nike.

‘I like learning about the history of any country I visit. It opens up your eyes and makes you see things differently so that by the time you’re back home, you’re moving differently, including how you do business,’ says the founder of Angie’s Closet, a boutique specialising in women’s work-wear.

Absorbing city’s rhythm

‘The funny thing is, I hated History as a subject in school. I never performed well in it, but now, when I go to these places, it’s so exciting to see and learn. I even ended up buying five books about their history.’

They walked the streets to absorb the city’s rhythm, but also used the hop-on hop-off buses to get a rough idea of the place and mark spots they could revisit if the chance to return ever came up.

These buses, Angela says, have three main routes.

The Red Line takes you around central Athens, where the couple caught sight of Parliament and the changing of the guard; the Purple Line runs along the beach and Riviera, offering views of posh homes and recreational facilities along the coastline; while the Green Line takes you through Piraeus, the main port city, where they saw cruise ships and yachts.

‘There’s nothing quite like catching sunsets in a foreign land,’ Angela reminisces. ‘And with our hotel being at the top of a hill, we had the sun setting to one side, the Acropolis to the other side, and the city spread out below us. It was breathtaking.’

Santorini’s charm

From Athens, they flew to Santorini, the island that had been on Angela’s vision board since 2020.

‘There is the beautiful Santorini we see in photos, with whitewashed buildings and blue domes, but there is also the side we saw while driving from the airport to Oia, the town where we stayed,’ she says. ‘Santorini is an arid land, with little to no trees. Born from a volcanic eruption, the ground there is made of volcanic ash and pumice. They also don’t receive a lot of rain, so the plants that do well there are mostly grapes, eggplants, and cherry tomatoes.’

But while the dry landscape along the route blindsided her, their destination matched the postcard version that had appealed to Angela in the first place. The buildings, she discovered, were actually caves carved into the side of the cliffs. The blue and white colour scheme was also intentional.

‘White reflects the scorching sunlight and helps keep the interiors cooler, but also the limewash they use is not only affordable, but it also has antibacterial properties that help sanitise the surfaces,’ she says.

The three days in Santorini were spent walking, shopping, and absorbing the sights. The streets were narrow, winding and packed with tourists, but it did little to take away from the island’s charm.

‘We kept stopping because every corner made for a photographic moment.’

She also recalls one afternoon when they had planned to go swimming when they noticed crowds of people walking in the same direction. They decided to follow them, only to discover that everyone was going to watch the sunset.

‘The sun was right there. You could almost touch it,’ she says with nostalgia. ‘But it set very quickly. And once it set, everyone clapped.’

Pure YOLO moment

The dramatic landscape added to the experience. The cliffs were so steep that, from where they stood, it felt as though the slightest shift could send them tumbling into the sea. In the surrounding area, they could also see volcanic formations, some with steam rising from them, adding to the feeling that they could erupt at any time.

‘It was a pure YOLO moment,’ she says.

And, of course, what would a trip to Santorini be without the famous flying-dress photos? Angela had hers done away from Oia, where the crowds can make getting the perfect shot a lengthy affair. At the popular Three Domes, she says, visitors can wait up to 30 minutes just for a chance to take a photograph at the spot, and that’s before factoring in the time needed for the photoshoot.

So, on the recommendation of her travel agent, they drove to a quieter town for the shoot. There, Angela chose a gold dress instead of the more common blue.

‘Everyone does blue, so I was like, can I do something different?’ she says, urging anyone visiting Santorini with these photos in mind to consider choosing a colour that contrasts with the island’s blue-and-white backdrop. ‘Experiment with colours. Be part of the beauty.’

Full vacation mode

From Santorini, they took a three-hour ferry, which had proper seating and a VIP area, to Mykonos. If Santorini had felt like a honeymoon, Angela says, Mykonos was where they switched into full vacation mode.

‘I was a bit apprehensive about Mykonos because everyone portrays it as a party town. And while I enjoy a good party, I’m not a party person,’ she says. ‘My partner isn’t either, so I was curious about what it had to offer beyond the nightlife.’

They stayed at Mykonos Riviera, a five-star hotel with sweeping views of the sea and harbour, where cruise ships and yachts came and went. Mornings were unhurried, with long breakfasts overlooking the sea before they headed out to explore.

Their afternoons included exploring Mykonos town and beaches on foot, a boat tour to a nearby UNESCO heritage site, and a sunset cruise which took them along the coastline, past beach clubs and some of the impressive yachts anchored off the island. They also enjoyed a seafood dinner served on board.

At one point, the boat stopped, and passengers jumped into the sea for a swim. Back on board, with music playing, wine flowing, and the sun setting over the sea, the reality of the holiday finally hit her.

‘This is the life we see in the movies. It’s a dream life, but there I was. Me, a girl from Ruiru,’ she says.

Lessons

A dream though it was, the trip was not without its lessons. Getting into Greece in the first place took some planning and readjustments.

The couple had initially hoped to travel in April, but securing a visa appointment pushed their plans back. They applied in January, hoping to make the April trip, but were given an appointment at the Greek embassy in July. Once they attended the appointment, however, the visa came through within a week, allowing them to finally set off on August 23.

Angela Kariuki, founder of Angela’s Closet and Angie on Bonds, enjoys a holiday in Mykonos, Greece, in August 2026.

Pool

‘I wish we knew that the Greek embassy sometimes takes time to issue a visa appointment,’ she says. ‘We would have applied for it about six months in advance.’

She also wishes they had familiarised themselves with local transport and food-delivery apps before arriving. In Athens, they initially used Bolt but sometimes waited as long as 15 minutes for a ride. On another occasion, after a long day of walking, they returned to their hotel wanting to order food, only to discover they had not downloaded the relevant delivery apps. They had to get help from reception to place an order.

The weather and crowds are another consideration she says travellers should factor in.

‘You can go earlier like in April, or later like in October when the prices are much better, the temperatures are much cooler, and the crowds are more manageable, particularly for destinations such as Santorini, which can get extremely busy.’

Trip cost

The trip cost about $12,000 (roughly Sh1.55 million) for the two of them, covering flights, hotels, transfers, activities, meals, and shopping.

‘The cost was heavy on the hotels. We spent about $4800 (Sh620,000) for hotels for the 10 days, but it can be cheaper if you do Airbnbs,’ she says. ‘There are plenty of mini-markets, so you can also cut costs by buying and making some of your own meals. We spent about $ 1,450 (Sh187,000) on meals and shopping.’

Her bigger lesson, however, one that she has learned over more than a decade of travelling, is to approach each destination with an open mind. A foreign country, she says, should not be expected to look, feel or operate like home. The traveller is the one who has to be willing to learn and adapt.

That mindset is part of what has kept Angela travelling since the first trip she intentionally took.

‘It was right after my divorce,’ she says. ‘I was handling crisis after crisis, and I just needed to see what more is there, so I took my children and went to Zanzibar.’

Since then, Angela has travelled with her children, her partner and, at times, on her own, to destinations across the world, including Italy, the Maldives, Japan, and Turkey.

Each trip, she says, gives her a chance to step outside the familiar and see life from a different perspective. Travel, therefore, is not something she leaves for ‘when everything else is sorted’. It is something she deliberately plans and invests toward, and she actively encourages others, particularly women, to do the same.

As the founder of Angie on Bonds, a financial consultancy firm specialising in Treasury bonds, Angela says one of her main goals for investing is to fund her travels.

‘There’s more to life than working and paying bills,’ she says. ‘You can parent, chase careers and run businesses, but we are already in this small space, so why not go out and see what’s out there?’

Ambeon Capital partners Indian firms to open India-Sri Lanka investment desks, launch dedicated fund

Ambeon Capital PLC yesterday said it has signed a Memorandum of Understanding with Sincere Syndication and Corporate Services LLP and Avyukthi Consulting and Advisory Services LLP to establish collaborative investment desks in Colombo and Chennai.

The arrangement is designed to channel cross-border capital between Sri Lanka and India across listed equities, private equity and credit, real estate and fixed income, while also supporting mergers and acquisitions and business partnerships.

The parties intend the desks to act as dedicated points of contact for deal origination, preliminary screening, research coordination, investor introductions and co-investment or referral opportunities.

The Colombo desk will be hosted by Ambeon (or an affiliate) with a primary focus on facilitating investment into India and other agreed markets, while also originating Sri Lankan opportunities. The Chennai desk will be hosted by Sincere Syndication, with Avyukthi providing tax, regulatory, structuring, diligence and transaction-support capabilities.

In parallel, Ambeon is working with the partners on the launch of a dedicated Sri Lanka fund focused on Sri Lankan companies, structured in partnership with Sincere Syndication’s Bharat Transformation Fund.

The Bharat Transformation Fund is Sincere Syndication’s flagship pre-IPO and early post-IPO vehicle targeting transformative Indian businesses in sectors aligned with national growth priorities, including advanced manufacturing, defence and aerospace, deep technology, specialty healthcare and medical devices.

The Sri Lanka fund is intended to create a structured channel for capital into listed and private Sri Lankan companies, leveraging complementary deal flow, research and investor networks on both sides of the Palk Strait.

Ambeon Capital Group CEO Dr. Sajeeva Narangoda said: ‘This partnership creates a practical bridge between two complementary markets. By combining Ambeon’s on-the-ground presence and deal flow in Sri Lanka with Sincere Syndication’s investor network and Avyukthi’s structuring capability, we can meaningfully improve the flow of capital and ideas in both directions.’

Sincere Syndication CEO Sivaramakrishnan R., said: ‘Indian capital is increasingly looking beyond domestic borders for growth opportunities. Sri Lanka offers an attractive neighborhood market with improving fundamentals. Pairing the expertise behind our Bharat Transformation Fund with a dedicated Sri Lanka vehicle allows us to serve clients seeking exposure to the island’s listed and private companies through a structured channel.’

Avyukthi Consulting and Advisory Services LLP’s Ramesh R., said: ‘Cross-border transactions between India and Sri Lanka involve specific tax, regulatory and structuring considerations. Our role is to help de-risk and accelerate those processes so that good investment ideas can move from discussion to execution more efficiently.’

The initiative comes against a backdrop of recovering Sri Lankan capital markets and growing Indian investor interest in frontier and near-shore opportunities. By linking a listed Sri Lankan investment platform with an established Indian multi-family office and specialist advisory capability, the parties aim to reduce friction in cross-border capital flows, improve information exchange and create a more systematic pipeline of opportunities for institutional, family-office and high-net-worth capital on both sides.

Bahia, Simeon rule Grand Corporate Golf tiltBahia, Simeon rule Grand Corporate Golf tilt

Jake Bahia and Dan Simeon of Steelmax Inc. emerged as the overall net champions in the Grand Corporate Golf Tournament held September 14-15 at the Mount Malarayat Golf and Country Club in Lipa City.

Bahia and Simeon topped their division to lead the list of proud winners in the two-day corporate golf tournament.

John Darren Weidman and Paul Pearson of Golf Nation PH shared the limelight by winning the overall gross.

Benedict Repaso and Mario Quinto of Unravel Digital finished runners-up, while Jonathan Diaz and Lorenzo Tatlonghari Jr. of Johannas Grille settled for second runner-up honors in the tournament that brought together corporate golfers in a competitive yet spirited showcase of skill, determination and sportsmanship.

The winners received their awards from WCGC PH executives Joey Fornier, COO; Joyce Escandor, chairman and CEO; and Paulo Legaspi, president.

Organizers also expressed their appreciation to the sponsors whose support helped make the tournament possible, including Premiere Sports Management Corp., Bethel, Maxicare, Solaire Online, Holerayt, Rudy Project and Transview Philippines.

The event concluded with organizers congratulating all the participants and champions while looking forward to another gathering on the greens.

BCDA expects investments hitting over P100 billion this year

The Bases Conversion and Development Authority (BCDA) expects its approved investments to reach over P100 billion this year amid strong investor interest.

‘If we count the whole year, we will breach P100 billion in investments,’ BCDA president and CEO Joshua Bingcang said during a forum organized by the Foreign Correspondents Association of the Philippines.

Investments approved by the BCDA surged by 535 percent to P49.96 billion in the first half from P7.87 billion in the same period last year, driven by investments of major international aviation and logistics companies including Lufthansa Technik Philippines, FedEx and UPS international, which are expanding operations in Clark.

Of the total approved investments, the aviation sector accounted for the biggest share of nearly 68 percent or P33.91 billion.

Meanwhile, the residential sector accounted for P5.9 billion in approved investments, while the government and sports sector accounted for P500 million and hospitality investments reached P30 million.

Agreements during the period included investments involving InfiniVAN, the Philippine Sports Commission, Sophia Real Estate Executives and Development Corp., Baguio Mountainscapes, Hann Philippines and ACWA Power Philippines, as well as a consortium composed of GTM Networks Asia and Volksbahn Technologies.

Bingcang said that the investment growth shows growing confidence in the Philippines as a location for long-term business expansion.

‘Global companies are making larger and longer-term commitments to the Philippines because they see the potential to serve both the domestic market and the wider Asia-Pacific region from here,’ he said.

He also said that the investment figures demonstrate how government-owned land and infrastructure can be used to attract private capital into strategic sectors while generating employment and economic activity.

The BCDA-approved investments in the first half are expected to generate 4,210 jobs.

Bingcang said that the BCDA’s approved investments may match the level approved by Board of Investments, the main investment promotion agency, in a few years.

The BCDA also expects investment activity as it continues work with its partners to develop infrastructure to support the development of the Luzon Economic Corridor (LEC).

Launched by the Philippines, United States (US) and Japan in 2024, the LEC seeks to accelerate infrastructure investments and strengthen the connectivity of Luzon’s growth centers covering Subic, Clark, Manila and Batangas.

BCDA wants to leverage the LEC to position the New Clark City as a hub for strategic investments.

Bingcang said that planned infrastructure includes the construction of an additional runway, as well as taxiway and apron at the Clark International Airport to support the expansion of logistics firms in the area.

He said that the BCDA management committee approved last week the procurement for the P1.4 billion construction of the apron.

Meanwhile, the construction of taxiways and additional runway costs around P7 billion to 10 billion.

Bingcang said that the US Development Finance Corp. is interested in the Clark Airport’s expansion.

He also said that the National Commission on Indigenous People has given its letter of no objection to the proposed extension of the North South Commuter Railway until New Clark City.

He said that the proposed extension will be a game-changer for Clark.

BCDA is also set to sign a memorandum of agreement with the Home Development Mutual Fund for the development of economic housing units in New Clark City.

Meanwhile, the Science Park of the Philippines Inc.’s 106-hectare industrial park for mixed-use development in New Clark City is targeted to start construction in the fourth quarter of this year.

As for the artificial intelligence industrial hub being developed with the US in New Clark City under the Pax Silica initiative, Trade Undersecretary Ceferino Rodolfo said that the government remains optimistic that the master lease agreement would be signed by the BCDA with the US government by November.

He also emphasized that there will be no diplomatic immunity for locators of the planned hub and this will be stated in the contract.

Outside of Clark, BCDA is looking to bid out the P40 billion development contract of the property near Market! Market! for mixed use by the first quarter of 2027.

Bingcang said that BCDA is looking at a joint venture for the development and will be meeting with three to four Japanese developers interested in the project.