BIZ BUZZ: Rigodon and Pax Silica
Another major government shakeup that has reshuffled President Marcos’ economic team is raising fresh—and, for now, unanswered—questions about the Philippines’ much-touted Pax Silica hub.
As early as Wednesday night, rumors were already swirling that Bases Conversion and Development Authority (BCDA) President and CEO Joshua Bingcang, whose agency oversees the planned hub, would be reassigned to another government post.
Sure enough, a hastily arranged news conference was called the following day, with the country’s investment czar, Finance Secretary Frederick Go, Trade Secretary Cristina Roque and Bingcang in attendance.
On paper, the occasion was supposed to celebrate BCDA’s hefty P8.4-billion remittance to the government, buoyed by its investment promotion efforts.
But hanging over the gathering were questions far bigger than that P8.4-billion sum.
Over the course of the news conference, officials offered guarded words of welcome for Bingcang, who is headed to the Philippine Economic Zone Authority (Peza), an agency with a portfolio of more than 400 economic zones, a far cry from the fewer than 10 estates managed by BCDA.
Among the estates under BCDA’s watch is New Clark City, where the government has earmarked 1,619 hectares for the planned Pax Silica hub.
And with another round of musical chairs in government, coupled with still-unfinished framework negotiations with the United States, the question practically asks itself: What happens to Pax Silica now?
Surely, the government would be reluctant to let a project it has spent months promoting, and considerable effort defending against critics, fall by the wayside.
But a change of hands at the agency overseeing the site could complicate an already delicate and tedious negotiating process.
Go offered little reassurance when asked after the news conference whether the leadership shakeup could derail Pax Silica: “No comment. No comment.”
For his part, Bingcang, appeared upbeat about the prospect of taking the helm at Peza.
“If ever, it would be a good transition,” he said. “But is has more challenges because the Peza has wider coverage and more mandate.”
