SBMA approves $7.5 M in fresh investments

By Ric Sapnu - The Philippine Star

SUBIC BAY FREEPORT — The Subic Bay Metropolitan Authority (SBMA) has endorsed the operation of 12 more new projects with investments of close to $7.5 million last month.

SBMA Administrator Armand Arreza yesterday said that about 15 percent of the committed investments of the new projects approved in June were derived from eight foreign direct investments (FDIs) which amount to $1.1 million.

The biggest investor so far is Globe Telecom’s subsidiary, Innove Communications Inc., which will infuse $6.3 million to provide an end-to-end telecommunications solutions and complete range of telecommunications services to business and residential customers within the Freeport.

"Innove Communications intends to help the SBMA realize its vision to develop a world class ICT infrastructure to make the Freeport a Cybercity, and consequently attract more investors particularly FDIs engaged in related fields," Arreza said.

Other investors include Taiming International Trading Inc., a Taiwanese company which will infuse $560,000 to set up an export trading and logistics warehousing of general merchandise; and two Korean companies — Sky English Fluency Academy Inc., which will invest $140,000 to establish and operate a non-formal English language training center for Koreans; and Freeport STS, which will develop and manage a language institute with student accommodation, restaurant, recreational facilities with $70,000 worth of investments.

Sapphire Instruments Subic Bay Inc., which will assemble and export differential probe for high voltage power measurement and operate an engineering center for research and development, is slated to invest $120,000 while Topwin Stone Subic Inc., engaged in manufacturing, processing and exporting of granite and marble, will invest $100,000 .

Other companies which have given SBMA a vote of confidence are Wise Center (Phils) Precision Appliance Inc., which is engaged in the trading, assembly and procesing of garden tools, hardware, plastic and lighting; Hsing-Feng Subic Inc., which will infuse $57,692 for import and export of used machines and equipment, mechanical and electrical appliances and other products; Lifepad Inc., which will invest $36,599.10 in the trading of medical products, equipment, accesories and other related items; Cubi Aviation Complex Construction and Services Corp., which will provide facilities and equipment maintenance services and janitorial services; AZC-Subic Multi-Purpose Cooperative, which will invest $7,500; and canteen operator Manany’s Canteen.

Arreza assured that the income generated from all the investments poured into the Freeport will also be enjoyed by seven municipalities near the Freeport zone, namely, Olongapo City, the towns of Subic, Castillejos and San Marcelino in Zambales; and the municipalities of Dinalupihan, Hermosa and Morong in Bataan.