MANILA - A 70-hectare University of the Philippines (UP) global campus will soon be established at Clark Green City, state-owned Bases Conversion and Development Authority (BCDA) said on Tuesday.

BCDA said a memorandum of agreement has been signed by government and UP for the development of an academic and research campus within the Innovative and Academic District of Clark Green City.

BCDA president and chief executive officer Arnel Casanova said the vision for the green city's academic district is to be "the brain capital of the Philippines."

"The UP global campus in Clark Green City will play a pivotal role in jump starting the Innovative and Academic District in Clark Green City," Casanova said in a statement.

UP president Alfredo Pascual, meanwhile, said UP is ready to present the conceptual plan of the campus to the BCDA.

He said UP has the initial funds to implement the project and is scheduled to break ground by the first quarter of 2016.

Under the agreement, BCDA will turnover some 70 hectares through a deed of conveyance to the premier state university, subject to a final ground survey that will be jointly conducted by both parties.

UP, in turn, will develop the property into an academic and research campus as well as handle operation and management.

"We are confident in UP to develop the property in record time because not only does it have the appropriate funds, it also has the best and brightest people to make it happen," Casanova said.

The agreement has a term of 50 years renewable for 50 fifty years.

The Clark Green City covers 9,450 hectares and is envisioned to be the country's first smart, disaster-resilient and green city.