MANILA, Philippines – The Subic Bay Freeport, has been recognized as the best in Asia by a publication of London’s The Financial Times.
Subic Bay Metropolitan Authority (SBMA) chairman and administrator Roberto Garcia said the freeport was declared as Asia’s overall winner in the Global Free Zone of the Year 2015 award while also receiving commendations for infrastructure developments and reinvestment.
“Emerging as overall winner in Asia, as well as in South and Southeast Asia, is a significant indicator of Subic Freeport’s level of competitiveness among other zones in the region,” Garcia said.
“Some locations which were particularly outstanding were acknowledged with honorable mentions and bespoke awards,” he added.
Garcia said the awards highlight the freeport’s attractiveness and potential as an investment site and also validates the strategies that SBMA has undertaken to spur the zone towards further growth.
The survey was conducted by the fDi Magazine, a bi-monthly publication of The Financial Times of London, to acknowledge the most promising free zones across the world.
SBMA said invited to join were free zones, government entities, and investment promotion bodies, which were asked to complete a short survey, detailing their zone’s attractiveness, facilities, and incentives offered to investors.
According to Garcia, the publication received a total of 76 entries worldwide which were individually studied by a panel of judges who then nominated their winning and runner-up locations in each region.
The agency said considerations for the award included growth performance measures, infrastructure developments or facilities upgrade, and major development plans to facilitate future expansion.