SBMA approves new projects worth $173M

The Subic Bay Metropolitan Authority (SBMA) has approved new projects worth $173 million for the months of April and May.

The approvals, according to SBMA chairman Feliciano G. Salonga, are an indication that the Subic Bay Freeport continues to gain the confidence of more local and foreign businessmen, consequently generating employment for the residents of Central Luzon.

Salonga reported that for April and May, a total of 27 new projects were approved by the SBMA Board. Of the total foreign direct investments accounted for the bulk or $169.5 million.

The SBMA has approved a total of 669 new projects with a cumulative committed investment of $3.5 billion since 1992.

SBMA Administrator Armand C. Arreza, elaborated that among the 27 new projects that were approved, 10 are tourism-related projects, seven are in services, six in the warehousing industry, and four in manufacturing.

"We are trying to maintain a broad spectrum of opportunities here in the Subic Bay Freeport to be able to cater to a broad spectrum of workforce," Arreza said.

The biggest investment is that of Delta Production Philippines Corp.

Delta is into manufacturing, trading and rental of aluminum scaffoldings and rental of machineries for ship repair.

Delta Production is investing $155.7 million.

The second biggest investment of $12 million is that of Yienson Manufacturing Corp. which plans to manufacture, import and export semi-finished and finished goods.

Another investor, Subic Executive Lofts Condominium Corp. will establish and operate condominium hotels with a committed investment of $1.5 million, the third top investment approved in April and May.

The fourth biggest investment is that of Cover & Pages Corp. which is infusing $1.02 million to render printing services.

"We take pride in what our locators came here for-strategic location, world class infrastructure, competitive incentives, highly qualified workforce, and up to six-year tax holiday for qualified industries," Arreza said.

The other projects approved in April include Interisland Resorts and Services, Asiapro Cooperative, Bonzette General Merchandise, Suntech International Corp., Shengkai Corp., Florenz Store, Capital Exchange Ventures, Winstar Subic Display Corp., Mango Valley Corp., Transtotal Solutions, Inc. Century Peak Corp., Janvy’s Café, J.P. Automobile Technique Subic Corp., AMTI Computers Subic Inc., F.AE. Logistics & Distribution, Inc. Freeport Meathouse Inc., Tito Pak’s Grilled Chicken & BBQ, and Velvet Greens & Blooms, Inc.

The six projects approved in May include Jorgman Construction and Development Corp., Jamecca Insurance Brokers, Inc., Mechatro, Inc., Unitec Subic Inc., and Freeport Elite Resort, Inc.