SBMA okays P1-B new investments

SUBIC BAY FREEPORT – The Subic Bay Metropolitan Authority (SBMA) has approved a total of 42 new investments worth over P1 billion in committed capital for the first six months of the year as the Freeport continues to attract more foreign and local investors.

In a mid-year report to SBMA chairman Felicito Payumo Jr., Leonardo Mesiano, Investment Processing Department head, said these projects were approved by the SBMA board of directors which brought to an additional $21,104,368 or about P1,097,427,136 new investments.

Payumo added that total cumulative investments have gone up to $2,536,608,736 in the nine-year business portfolio of Subic Freeport.

"This would again mean more job opportunities for the Filipino which remains one of the top priorities of President Gloria Macapagal-Arroyo," Payumo said.

The biggest of these new investments are Akasya BPV, which will put up production facilities to fabricate coded steel ($2 million); marine aquaculture and production firm Alson’s Aqua Technologies Inc. ($1.9 million); motorcycle and scooter maker Chung Li Motor Co. ($400,000); and restaurant operator Grand Feast Corp. ($853,000), which will establish a food chain at Times Square Plaza.

"Despite economic difficulties, these new players have boosted the Freeport’s aggregate investments to more than $2.5 billion or about P130 billion recorded since the former Subic Naval Base was converted into a commercial and economic Freeport," Payumo said.

Other newly approved investment projects (with corresponding projected capital) are British boat maker Imajica Boats Inc. ($70,000), Cibus Holdings, Inc. ($75,000), Subic Motor World Co. ($294,000), Jutron Asia Pacific ($424,500); Internet Property Broker Corp. ($377,000) and Equisite Box Co. ($260,000).

Mesiano noted that the continuous pouring-in of new investments and the resulting employment these would generate can be attributed to SBMA’s introduction of an enhanced economic strategy for Subic Freeport.

SBMA Trade and Tourism Deputy Administrator Dennis L. Oliquino said that investment generation would likely peak again in the year 2002, considering that the authority is now tapping Subic’s potential as a viable area where multinational companies could establish their regional headquarters.

"Subic is making headway in attracting firms engaged in information technology. The SBMA has so far received numerous proposals from IT firms, particularly software developers and ISPs (Internet Service Providers)," Oliquino stressed.