The President led the groundbreaking of a factory for computer cooling fans owned by Sanyo Denki Philippines at the Subic Techno-Park.
In a speech, the Chief Executive said the establishment of the Subic Bay International Terminal Corp. has spurred development in Subic Bay.
"This only means that we are on the right track," he said.
On the other hand, Chairman Felicito Payumo of the Subic Bay Metropolitan Authority (SBMA), said the container port expansion calls for the interim development of a container terminal at the Naval supply Depot.
Payumo said the project entails the construction of a new container terminal at Cubi Point, which is capable of accommodating Panamax and Post-Panamax vessels.
The existing port facilities at the Naval Supply Depot and Boton will also be rehabilitated; access roads between Boton and the new terminal container will be constructed; new navigational aids will be installed; and gantry cranes and other handling equipment will be procured, he added.
Payumo said the project will link Subic’s port facilities with the new international airport at Clark Special Economic Zone to set up an efficient land, sea, and air transportation network.
Payumo said President Estrada supports the construction of the Subic-Clark Road to speed up transportation between the two special economic zones.
In his report to the President, Payumo said that investments at the freeport have reached P48,094 billion since he assumed office in 1998.
"We have more than 255 new investments coming up to an actual cumulative total of investments worth $3,076 billion," read Payumo’s report.
"The Subic Bay Freeport will have produced goods with an export value of $1.3 billion. This is almost double the export value produced in 1998. It is also a repeat of your phenomenal achievement when we broke the billion-dollar in 1999."
Payumo said the building of infrastructure and the pouring of investments in the freeport would help government efforts to transform the country into "an economic eagle."
Mr. Estrada landed at Subic Bay international Airport at 11 a.m. with Tourism Secretary Gemma Cruz-Araneta, Budget and Management Secretary Benjamin Diokno, Press Secretary Ricardo Puno, and Social Welfare and Development Secretary Dulce Saguisag. –Jen Velarmino and Bebot Sison Jr.