2 big-ticket projects boost Subic investments to $1.4B
INVESTMENTS in the Subic Bay Freeport Zone, northwest of Manila, leaped to $1.4 billion in the 10 months of the year from $22 million in same period in 2005 because of big-ticket projects from South Korea and China, the Subic Bay Metropolitan Authority (SBMA) said.
South Korean shipbuilder Hanjin Heavy Industry and Construction Corp. has registered a $1-billion project that will have a P51-billion shipyard and P400 million worth of related facilities, the SBMA said.
Hanjin put up a P40-million school in July where prospective employees would learn the skills needed in the shipyard operations. The facility has three classrooms, 70 welding booths, one pipefitting room, four painting rooms and a working area that could accommodate up to 200 trainees and their instructors.
China's Hebei Jingniu Group earmarked at least $300 million for a manufacturing base for high-tech glass products.
The Hebei project is expected to create 6,000 jobs, including 3,000 in plant construction, 2,000 production workers and 1,000 administrative workers, according to SBMA data.
"The SBMA is seriously into attracting more foreign direct investments," said SBMA Administrator Armand Arreza. "We already have Hanjin shipbuilding as an anchor industry in the free port and we will still attract more."
Arreza said the SBMA was working on creating 100,000 jobs in five years.
The SBMA generated P2.2 billion in government revenue in the first half of the year, up 23 percent from the same period in 2005, Arreza said.
He said the amount included tax revenue of P560 million and customs revenue of P1.6 billion, up 20 percent and 24 percent, respectively, from the comparative period in 2005.
He attributed the increase to new companies that had started their operations in Subic and gave jobs to thousands of workers from Olongapo City and the provinces of Zambales and Bataan. Ronnel Domingo, with INQ7.net
South Korean shipbuilder Hanjin Heavy Industry and Construction Corp. has registered a $1-billion project that will have a P51-billion shipyard and P400 million worth of related facilities, the SBMA said.
Hanjin put up a P40-million school in July where prospective employees would learn the skills needed in the shipyard operations. The facility has three classrooms, 70 welding booths, one pipefitting room, four painting rooms and a working area that could accommodate up to 200 trainees and their instructors.
China's Hebei Jingniu Group earmarked at least $300 million for a manufacturing base for high-tech glass products.
The Hebei project is expected to create 6,000 jobs, including 3,000 in plant construction, 2,000 production workers and 1,000 administrative workers, according to SBMA data.
"The SBMA is seriously into attracting more foreign direct investments," said SBMA Administrator Armand Arreza. "We already have Hanjin shipbuilding as an anchor industry in the free port and we will still attract more."
Arreza said the SBMA was working on creating 100,000 jobs in five years.
The SBMA generated P2.2 billion in government revenue in the first half of the year, up 23 percent from the same period in 2005, Arreza said.
He said the amount included tax revenue of P560 million and customs revenue of P1.6 billion, up 20 percent and 24 percent, respectively, from the comparative period in 2005.
He attributed the increase to new companies that had started their operations in Subic and gave jobs to thousands of workers from Olongapo City and the provinces of Zambales and Bataan. Ronnel Domingo, with INQ7.net
posted by OlongapoCity Zambales at
7:38 AM
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