It's located closer to the domestic airport (in between T2 and domestic but on the other side of the runway). The current plan is to make Clark's airport the number 1 airport over terminal 3 or terminal 1.Where is terminal 3 located? I was assuming it was also in the Paranaque vicinity, making the change to terminal 3 not such a big deal. But maybe I assumed wrong? If it actually much further away from the domestic terminals and the city then I can see your point...
There'll still be flights to manila, but if Clark is the number one airport that means less frequency to Manila which, I assume, will mean an increased cost in tickets and lower availability of seats getting into terminal 3.
I think the biggest thing that they'll have to think about is the domestic flight links from clark. They'll need to allot more money to build a new domestic airport up there, instead of the current plan to make T2 the domestic airport.
If they planned to revamp clark to be another major port of entry like cebu airport (which I assumed you meant), that to me would be smarter than what they are trying to do.
To me it doesn't make sense. Smells very political to me. Maybe the current state of the governement has made me too cynical.