(Bloomberg) -- Congestion and constant flooding in the Philippine capital are prompting the central bank to move its mint away from the city.
Bangko Sentral ng Pilipinas signed a deal Friday to relocate its production facility for coins and bank notes to New Clark City, a former U.S. air base where the government is building a back-up capital.
“We will build facilities here so that in case of calamity, we have a continuity plan. If anything happens in Manila, we can always use these facilities,” Governor Benjamin Diokno said.
The new facility, which will also print land titles and national IDs, will have a solar farm, as well as a moat and natural tree buffer to boost security. The first phase is due to be complete in four years.
Read: Philippines Plans Backup Capital to Prepare for Disasters
At present, currency is produced in a four-decade-old complex in Quezon City, part of the capital region. This area will be appraised and bid out after the new facility is built, Diokno said.
Manila land prices have been surging since the 2000s as builders aggressively bought land to meet demand for homes and offices from overseas investors, such as outsourcing companies and Chinese gaming operators.
To contact the reporters on this story: Andreo Calonzo in Manila at acalonzo1@bloomberg.net;Siegfrid Alegado in Manila at aalegado1@bloomberg.net
To contact the editors responsible for this story: Cecilia Yap at cyap19@bloomberg.net, Michael S. Arnold
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