Subic investments hit $1.4B as of October

Investments in the Subic Freeport amounted to $1.405 billion as of October, Subic Bay Metropolitan Authority (SBMA) administrator Armand Arreza reported yesterday.

Thus, Arreza said, the Freeport is less than P100 million short of its full year investment target of $1.5 billion.

The biggest investor, Arreza said, is that of Korean shipbuilder Hanjin with $1 billion followed by China’s Jingniu with $312 million.

Last April, the SBMA signed $28.177 million worth of new investments from 12 companies with Yienson Manufacturing Corp. infusing $12 million for the manufacture, import and export of semi-finished and finished garments.

Yienson expects to create employment for at least 1,000 workers.

The second biggest investment of $10 million is from Inyoung Philippines Inc. which plans to manufacture, fabricate, construct and engage in the trading of steel structures for the project of Hanjin in the Redondo peninsula.

Projected employment by Inyoung is 200 new jobs.

Taiwanese firm Gigateck Subic Bay Inc. is set to invest $1.74 million to manufacture and trade electronics, communication and computer-related products or devices, plastic injection and other related products.

Gigatek plans to hire around 324 workers.

Arreza specifically welcomed the investment of Gigatek because it would engage in the manufacture of radio-frequency identification devices which would help the SBMA electronically track the entry and exit of certain products and the corresponding information about the payment or non-payment of taxes.

Gigatek’s presence in Subic, Arreza said, would also help lower the cost of such devices. Another firm, Subic Executive Lofts Condominium Corp. is planning to invest $1.5 million to engage in the establishment, operation, management, administration, development of condominium hotels, restaurants, spas, gyms and sale of condominium shares of stock and affiliated business and activities.

Coin Chemical of Subic Inc. is investing $870,000 to engage in, operate, conduct and maintain the business of manufacturing and trading of goods such as paints, lithium-ion battery, bio-cosmetics, high-end shoes, electronic units assemblies and other related products.

Subic Amino Hightech Corp. is also investing $625,000 for the manufacture and trading of polypropylene pellet and other plastic products.

Century Peak Corp. is investing $447,209.80 to import/export, trade, transship and store mining products.

Shengkai Corp. plans to put in $430,000 to engage in import, export, warehousing and trading of hardwood, processed wood products and other construction supplies and materials including fixture and interior and exterior finishing materials such as granite stones, tiles and other fixtures.

Mango Valley Corp. is infusing $300,000 to own, lease, maintain, operate and manage hotels, inns and lodging houses and provide and otherwise make available any and all services and facilities incidental thereto, including restaurant and recreational facilities that will cater to hotel, inn clients and guests.

Interisland Resorts and Services Inc. is investing $209,615.38 to engage in hotel and restaurants operations.

Winstar Subic Display Corp. is investing $50,000 to establish a research and development center of small and medium-size liquid crystal display providing employment opportunity for local engineers.

Lastly, Asiapro is investing $6,115.11 as a manpower service provider.