PH must not squander Pax Silica opportunity
While the proposed Pax Silica hub in New Clark City offers significant investment upside, a major business group is warning that the opportunity could quickly slip away if the government fails to lay the groundwork needed to bring the project to life.
According to Makati Business Club (MBC) chair Edgar Chua, the Philippines could begin reaping an investment windfall from the massive 1,619-hectare project as early as late 2026 or early 2027.
But he said this would ultimately hinge on whether the government moves decisively on the planned development and demonstrates that the country is ready to accommodate large-scale investments.
“If we get our act together, it sets the stage for significant investments to come in,” Chua said of Pax Silica and the broader Luzon Economic Corridor (LEC) initiative. “If they see that we are really preparing our country, then it would help drive confidence and investment.”
As early as now, Chua said the government should put the necessary frameworks in place for the project, whether through legislation or the rollout of supporting infrastructure.
He also called for clearer communication with the public on what Pax Silica is, particularly amid concerns over the potential strain that large-scale investments could place on power and water infrastructure.
At the same time, Chua said the government should identify early on the industries it intends to attract to Pax Silica, allowing schools and other academic institutions to prepare graduates with the skills these companies would eventually require.
Without such measures, Chua warned that the Philippines risks losing out on an opportunity that other countries are also vying to capture.
Jose Manuel Romualdez, Philippine Ambassador to the United States, earlier warned that other Asian countries were prepared to step in should Manila “drop the ball” on the project.
After all, more than 30 countries are now part of the broader Pax Silica initiative.
“Bottom line, we in the MBC believe that Pax Silica and the Luzon Economic Corridor are an opportunity for our country to be able to realize the potential that we have always been missing,” Chua said.
“Our story is a country of missed opportunities, not because of our people—our people are so resilient—but because of poor governance,” he added.
As such, Chua said the MBC is working with the American Chamber of Commerce of the Philippines and the US Embassy in Manila to help move the initiative forward.
MBC vice chair Jaime Augusto Zobel de Ayala, also chair of conglomerate Ayala Corp., earlier said the group wanted to identify potential opportunities in the US-led project.
Plans for Pax Silica in the Philippines are expected to gain traction by November, when Manila and Washington are targeting the signing of a framework agreement.
Once finalized, the project could break ground on its first phase as early as 2028, although its full development is expected to span about three decades.
