SBMA reports investment approvals surge
By NIEL V. MUGAS, The Manila Times Reporter
Approved investments of the Subic Bay Metropolitan Authority (SBMA) for the first half grew exponentially following the entry of more projects in the free port.
In an announcement Thursday, the SBMA said its approved investments have totaled $1.35 billion, an exponential growth from only $9.2-million investments it approved in the same period last year.
SBMA Chairman Feliciano Salonga said the huge jump in investments for the first half was mainly due to the entry of big-ticket foreign direct investments (FDIs).
"A huge part of these FDIs, which made the current economic indicator in the Subic Bay Freeport to surge this high, [come from] Korean shipbuilder Hanjin with $1 billion and Chinese glass manufacturer Hebei Jingniu with $312 million," Salonga said.
He added that there were a total 68 new projects approved by the Board of Directors during the first semester, compared with last year’s 17 approved projects.
Of the total approved investments in the first half, about $9.983 million were poured in by local companies, the biggest being the $6.3-million capital infusion made by a subsidiary of Globe Telecom, Innove Communications Inc.
In the first quarter of this year, the SBMA bested three other investment promotion agencies (IPAs) in the country, posting $1.013 billion, which accounted for 70.8 percent of the total $1.4 billion, according to the periodical report by the National Statistical Coordination Board.
NSCB is a policymaking and coordinating body on statistical matters in the country mandated to promote and maintain an efficient government statistical system.
During the same period this year, the SBMA remitted a total of P2.2 billion to the national coffers from combined cash collection of the Bureau of Internal Revenue and the Bureau of Customs, which rose 23 percent compared with last year’s P1.8 billion. A total of 686 locators are currently operating in the Subic Bay Freeport.
Approved investments of the Subic Bay Metropolitan Authority (SBMA) for the first half grew exponentially following the entry of more projects in the free port.
In an announcement Thursday, the SBMA said its approved investments have totaled $1.35 billion, an exponential growth from only $9.2-million investments it approved in the same period last year.
SBMA Chairman Feliciano Salonga said the huge jump in investments for the first half was mainly due to the entry of big-ticket foreign direct investments (FDIs).
"A huge part of these FDIs, which made the current economic indicator in the Subic Bay Freeport to surge this high, [come from] Korean shipbuilder Hanjin with $1 billion and Chinese glass manufacturer Hebei Jingniu with $312 million," Salonga said.
He added that there were a total 68 new projects approved by the Board of Directors during the first semester, compared with last year’s 17 approved projects.
Of the total approved investments in the first half, about $9.983 million were poured in by local companies, the biggest being the $6.3-million capital infusion made by a subsidiary of Globe Telecom, Innove Communications Inc.
In the first quarter of this year, the SBMA bested three other investment promotion agencies (IPAs) in the country, posting $1.013 billion, which accounted for 70.8 percent of the total $1.4 billion, according to the periodical report by the National Statistical Coordination Board.
NSCB is a policymaking and coordinating body on statistical matters in the country mandated to promote and maintain an efficient government statistical system.
During the same period this year, the SBMA remitted a total of P2.2 billion to the national coffers from combined cash collection of the Bureau of Internal Revenue and the Bureau of Customs, which rose 23 percent compared with last year’s P1.8 billion. A total of 686 locators are currently operating in the Subic Bay Freeport.
posted by OlongapoCity Zambales at
9:53 PM
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