Investment pledges for SBMA up Jan-Oct
The Subic Bay Metropolitan Authority reported significant investment pledges from January to October 2006, surpassing last year’s record for the same period.
The pledges, mostly coming from foreign direct investments, amounted to $1.40 billion, up 6,851 percent from $19.6 million last year.
SBMA Chairman Feliciano Salonga said the whole-year target is $1.50 billion in foreign direct investments (FDIs).
The pledges covered 89 projects that were approved by the board of directors during the period. Salonga added that in the third quarter alone, the board approved 21 projects worth $9.6 million.
The new projects increased the total number of locators and investors in Subic to 727 as of September.
Major investors include the South Korean estate developer, KT Global Subic Inc., which is set to infuse $3 million, and American caterer and general services provider, Hacorphil Corp., with $2.7 million.
The cumulative investment pledges approved from 1992 to September 2006 by the SBMA board have reached $3.70 billion, Salonga said.
SBMA Administrator Armand Arreza emphasized that the project approvals from January to September will create 13,154 jobs for the residents of Olongapo City, Zambales and Bataan. He also reiterated the significance of increased FDIs in the free port.
"We already have Hanjin shipbuilding as an anchor industry and we will still attract more investments, particularly FDIs, to drive the development in Subic Freeport based on the Millennium Development Goals," Arreza said.
The goal is anchored on the creation of job opportunities to help the government reduce unemployment rate from 13 percent to about 5 percent to 6 percent, much lower than the national average of 8 percent to 9 percent, he added.
To achieve this goal, the SBMA and Clark will have to create 100,000 jobs each in five years, or 30,000 jobs a year.
By ANGELO S. SAMONTE, The Manila Times Reporter
The pledges, mostly coming from foreign direct investments, amounted to $1.40 billion, up 6,851 percent from $19.6 million last year.
SBMA Chairman Feliciano Salonga said the whole-year target is $1.50 billion in foreign direct investments (FDIs).
The pledges covered 89 projects that were approved by the board of directors during the period. Salonga added that in the third quarter alone, the board approved 21 projects worth $9.6 million.
The new projects increased the total number of locators and investors in Subic to 727 as of September.
Major investors include the South Korean estate developer, KT Global Subic Inc., which is set to infuse $3 million, and American caterer and general services provider, Hacorphil Corp., with $2.7 million.
The cumulative investment pledges approved from 1992 to September 2006 by the SBMA board have reached $3.70 billion, Salonga said.
SBMA Administrator Armand Arreza emphasized that the project approvals from January to September will create 13,154 jobs for the residents of Olongapo City, Zambales and Bataan. He also reiterated the significance of increased FDIs in the free port.
"We already have Hanjin shipbuilding as an anchor industry and we will still attract more investments, particularly FDIs, to drive the development in Subic Freeport based on the Millennium Development Goals," Arreza said.
The goal is anchored on the creation of job opportunities to help the government reduce unemployment rate from 13 percent to about 5 percent to 6 percent, much lower than the national average of 8 percent to 9 percent, he added.
To achieve this goal, the SBMA and Clark will have to create 100,000 jobs each in five years, or 30,000 jobs a year.
By ANGELO S. SAMONTE, The Manila Times Reporter
posted by OlongapoCity Zambales at
8:01 AM
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