The Bases Conversion and Development Authority (BCDA) recently announced that it will ensure the Philippines will benefit a lot from the ambitious Pax Silica project as they negotiate with the United States on the final framework, according to a GMA News report.
To put things in perspective, posted below is an excerpt from the report of GMA News. Some parts in boldface…
The Bases Conversion and Development Authority (BCDA) on Wednesday said it will ensure that the Philippine side, negotiating with the US on the final framework agreement to hit the ground running for the Pax Silica project in New Clark City, Tarlac, will push for a deal that would be most beneficial for the country.
At the Kapihan sa Manila Hotel, BCDA President and CEO Joshua “Jake” Bingcang said that the government is eyeing to sign the comprehensive framework agreement for the Pax Silica initiative with the US by November.
However, Bingcang admitted that “negotiations can always take longer,” noting that the target signing “is not cast in stone as long as the two [parties] will come up with mutually agreed arrangement.”
Nevertheless, the BCDA chief said the Philippines is pushing for terms that would “most beneficial sa’tin (to us)” as negotiations for the framework deal are ongoing.
“It’s a business contract, normally it is favorable to the host country,” he said.
Bingcang said the government has also made clear that the project will operate under the BCDA’s governing legal framework and applicable investment laws.
“It would be covered by two Philippine laws —the BCDA law and CREATE MORE so the incentives provided will be covered by these two laws,” he said.
“Never in that initial arrangement that we are going to adopt anything other than the two laws,” he added.
Pax Silica is the US Department of State’s flagship initiative on artificial intelligence and supply chain security, aimed at advancing a new economic security framework among allies and trusted partners.
The Philippines in April officially joined the Pax Silica initiative, cementing its place among other 23 global signatories, including the European Union, Japan, India, Singapore, South Korea, and the United Kingdom.
As part of the initiative, Manila and Washington are working to establish a 4,000-acre industrial hub that is envisioned as a new model for AI-focused investment within the Luzon Economic Corridor.
The BCDA chief earlier clarified that the Pax Silica hub is not envisioned as a cluster of hyperscale data centers but as an industrial hub that would include the manufacturing of semiconductors and microchips used in computers, laptops, electric vehicles, and other technologies.
Bingcang said that through Pax Silica, the Philippines and its partners see an opportunity to process raw materials domestically instead of exporting them in unprocessed form.
Let me end this post by asking you readers: What is your reaction to this recent development? Do you feel confident that the BCDA will be able to secure an agreement with the Americans to ensure the Philippines will benefit from Pax Silica economically? Do you realize Pax Silica’s potential to boost manufacturing jobs and the processing of raw of materials in the Philippines?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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