SBMA board OKs P280-M worth of investments

SUBIC BAY FREEPORT – The Subic Bay Metropolitan Authority (SBMA) was able to generate more than P280-million worth of investments with the approval of 42 project proposals presented before the SBMA board of directors in the first three months of the year.

SBMA Chairman Felicito C. Payumo said that from January to March this year, the total new investment generated by SBMA reached P282,950,617 including 18 new sub-lease agreements worth P64.6 million approved by the SBMA board for the first quarter of the year.

"The Freeport remains an attractive site for investments as it offers not just factory place and other industrial estates but a total community with safe and clean environment," Payumo said.

Among the new players in the Freeport is the Ecofriendly Equipment Corp. that proposed to set up a remanufacturing plant of industrial equipment and machineries with committed investment amounting to P162 million.

Two other investors include the Foreign Language, Inc., a Korean firm that will operate a language learning school to bridge the cultural gap among foreign investors and Filipino personnel with committed investment of P12 million while a P10-million investment will be put up by Rodaluck Trading and Shipping Services Enterprises for ship chandling and other port services.

Japanese firm, Sinag Precision Fabricators, Inc., will invest P12.5 million for the setting up of a manufacturing plant at the Subic Techno Park to supply parts of automated teller machines (ATMs) being produced by another Japanese company, Omron Mechatronics.

New sub-lease contracts approved were Subic Bay Shipping, Inc. with committed investments worth P20 million while world-renowned Briggs and Stratton International (East Asia) Inc. with P10-million projected investments.

In addition, the SBMA board has also approved the renewal of exiting lease contract applications filed by 13 companies here, including proposed expansion and additional facilities of 10 other locators.

SBMA Investment Processing Department head Leonardo Mesiano said that despite the economic difficulties, these new players have boosted the Freeport’s investment portfolio, including expansion projects and renewal of existing lease contracts.

In a recent visit in the Freeport, President Arroyo expressed satisfaction with the performance of SBMA to attract more investors and generate more job opportunities, which is in line with the government’s thrust in creating employment for the masses.