Subic freeport generates P1.6-B investments in 2001

SUBIC BAY FREEPORT – The Subic Bay Metropolitan Authority (SBMA) has generated over P1.68 billion in investments with the approval of 368 new projects for the year 2001.

SBMA chairman Felicito C. Payumo said total investments last year reached P1.68 billion including P238-million worth of expansion projects and renewal of lease contracts of existing locators.

"The freeport remains a driving force of the Philippine economy providing investors the agility to compete in the global market," Payumo said.

SBMA investment processing department head Leonardo Mesiano said in its year-end report, the SBMA board of directors approved these projects that brought an additional $32.9 million or about new investment projects from January to December 2001.

This means more job opportunities for Filipino workers which is one of the top priorities of President Arroyo.

The biggest among the new investments is the proposal of Akasya BPV to fabricate coded steel ($2 million), followed by 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. ($424,500) which proposes to establish a food chain at Times Square Plaza.

Despite the economic difficulties, these new players have boosted the Freeport’s investment portfolio including expansion projects and renewal of existing lease contracts," Mesiano 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 Boc Co. ($260,000).

Mesiano said SBMA introduced an enhanced economic strategy for Subic Freeport which led to a steady entry of new investments thereby opening new jobs.

SBMA trade and tourism deputy administrator Dennis Oliquino said 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 headquarter.

Oliquino said Subic is also making headway in attracting firms engaged in information technology (IT). The SBMA has so far received numerous proposals from IT firms particularly software developers and Internet service providers (ISPs).

So far, the SBMA has generated a total of P50.1 billion in committed investments with the approval of 1,011 new projects from October 1998 to December 2001.