Subic investments up 63% in 9 months

Investments in the Subic Bay Freeport rose by 63 percent to P1.86 billion in the first nine months of the year from P1.14 billion in the same period last year .

Subic Bay Metropolitan Authority (SBMA) Chairman Felicito C. Payumo said yesterday that the increase in investments "is a clear indication that despite the economic difficulty, the Subic Bay Freeport continues to attract investments, both foreign and local, to boost the local economy and snowball employment in the region."

He also said the Subic Bay Freeport offers an ideal place for investment, citing the strategic location, tax incentives, safe environment and skilled workers.

Based on a report from the SBMA Investment Processing Department, there were 140 new business approvals which include 59 new lease agreements and 81 sub-lease agreements which are expected to generate P1.86 billion in committed investments.

Among the top three new investors are H.S. Tek Philippines Inc., SBFZ Petron Express Center, and Lithosteel Construction Corp.

H.S. Tek manufactures, fabricates, imports, buys and sells wholesale precision parts and products for various computer related applications and other related products. The company plans to invest P49 million.

SBFZ Petron Express Center retails petroleum and other related products with affiliate businesses such as mini-mart, food and service center and plans to invest P32 million.

Lithosteel Construction Corp. produces and delivers ready-mix concrete products for construction and plans to invest P20 million.

Meanwhile, the Board of Investments (BOI) reported that it has approved new projects worth P350 million.

The new investment approvals include the P203-million abaca pulp production of Pulp Specialties Philippines Inc.; the P147.7- million commercial fishing operation of BSJ Fishing and Trading Inc.; and the software development project of Astra (Philippines).

PSPI plans to produce commercial abaca pulp grades to cater to specific quality applications.

Abaca pulp can be applied in the manufacture of currency paper, tea bags, meat casing, electrolytic condenser, capacitor papers, cigarette papers and industrial filter papers.

BSJ Fishing and Trading Inc. plans to engage in commercial fishing using the purse seining method. It will use active gear and vessels above 20 gross tonnage and over 150 GT.

Astra, on the other hand, is a Japanese-owned firm that intends to design and develop customized or self-contained software systems and applications.