MANILA- President Rodrigo Duterte has reclassified Clark Industrial Estate 5 as an international center of commerce, industry, and leisure.
Executive Order 81 signed last June 4 but released by the Malacañang only on Monday, authorizes the Clark International Airport Corporation to enter into business deals covering the 290-hectare area for a broad range of commercial, industrial, leisure and recreation-related activities.
"The IE5 area measuring approximately 290 hectares, is hereby reclassified as an international center for commerce, aviation, logistics, industry, leisure, and recreation, without prejudice to any rights and interests under existing contracts, leases and business arrangements covering areas within the IE5, which have been lawfully entered into by the CIAC prior to the effectivity of this Order,” a portion of the EO stated.
The President said the reclassification of the area is "vital to the development of the entire Clark area as a globally competitive international commercial center in the Asia-Pacific region."
Read the full EO here: