BALANGA CITY, Philippines – Eleven foreign investors have signified their intention to put up bicycle plant and garments factories with initial capitalization of P500 million at the huge complex of the Authority of Freeport Area of Bataan (AFAB), formerly known as Bataan Economic Zone, this year.
Rep. Albert Garcia of the second district of Bataan told The STAR that the Filipino-Chinese investors are attracted with the advantages of the historic peninsula with availability of high-skilled manpower, proximity to the major seaports and air transport system, communication and power facilities and world-class support services.
Garcia, the House’s chair of Trade and Industry Committee, said yesterday that investments have always been regarded as major pillars in economic development, with this aspect of attracting investments, like other business strategy used around the globe to offering an array of monetary and non-monetary incentives.
He said AFAB, the first export processing zone established in the country, is expecting lower power cost with the operation of the 600 megawatts coal power plant now being constructed in the coastal village of Alas-Asin, Mariveles town which the management of the power firm usually grants to the host province.
“About 30 to 40 percent reduction in electricity bills for the households, commercial and industrial firms in Bataan and it’s simply a good assurance to prospective businessmen and investors of uninterrupted power supply during their operations in the province,” Garcia said.
Newly-refurbished factory buildings, road network and other infrastructure facilities have been completed to pave for the arrival of new enterprises coming from other Asian countries and Metro Manila.
Garcia said, several Manila-based businessmen are finalizing the plan to construct a beach resort with world class hotel and facilities for the expected influx of local and foreign tourists with the Provincial Tourism Councils’ all-out promotional campaign of making Bataan a premier tourism hub in Central Luzon.
Garcia motored to AFAB to grace the opening yesterday of Half-Moon Bay duty free store, the first duty free shop to operate inside the industrial zone complex, owned by Liling Co, a Filipino-Chinese businesswoman from Manila.