SBMA registers $1.45B in investments
SUBIC BAY Freeport has secured some $1.45 billion in investment commitments in the nine months to September.
The amount was higher than the $1.42 billion recorded in the whole 2006.
In a statement issued Wednesday, Subic Bay Metropolitan Authority Administrator Armand C. Arreza said 123 new business locators signed up during the period. Their projects would bring Subic's total cumulative investments to $5.22 billion.
"We've described 2006 as a banner year for Subic. That was the year when we bagged Hanjin Heavy Industry's $1-billion shipyard project. It appears, however, that we are going to top that record," Arreza said.
"As of end-September, we have already surpassed by some $30 million the total investment commitments for the whole year last year, " Arreza added.
He said the SBMA's aggressive business promotion campaign had fueled the steady rise of investments in the free port in the past two years.
This year, it was also South Korean firm Hanjin Heavy Industries and Construction Corp.-Philippines that delivered the biggest new investment. This involved a capital outlay of another $684 million to cover increased orders for vessels.
Another Korean investor, KT Global Subic Inc., signed up in July for a high-rise complex worth $127 million.
In September alone, the SBMA approved 26 new investment projects worth $4.5 million which, according to the SBMA market research and planning department, were expected to create at least 600 new jobs.
The biggest project approved in September was Millennium Properties' $1-million hotel and restaurant project.
Of the 10 biggest projects approved in September, eight were owned by Korean investors.
Also, the SBMA-MRPD reported that as of the third quarter, the Subic Bay Freeport Zone has a total active workforce of 70,179, dropping slightly from the 70,408 total recorded in August.
The slight drop was due to a decrease in worker deployment by port contractors who had already completed their projects in Subic, the department said.
Of the total workforce, 43 percent come from Olongapo City; 22 percent from Zambales; 14 percent from Bataan; 6 percent from the National Capital Region; 3 percent from Pampanga; and 12 percent from other areas.
By Ronnel Domingo - Inquirer
The amount was higher than the $1.42 billion recorded in the whole 2006.
In a statement issued Wednesday, Subic Bay Metropolitan Authority Administrator Armand C. Arreza said 123 new business locators signed up during the period. Their projects would bring Subic's total cumulative investments to $5.22 billion.
"We've described 2006 as a banner year for Subic. That was the year when we bagged Hanjin Heavy Industry's $1-billion shipyard project. It appears, however, that we are going to top that record," Arreza said.
"As of end-September, we have already surpassed by some $30 million the total investment commitments for the whole year last year, " Arreza added.
He said the SBMA's aggressive business promotion campaign had fueled the steady rise of investments in the free port in the past two years.
This year, it was also South Korean firm Hanjin Heavy Industries and Construction Corp.-Philippines that delivered the biggest new investment. This involved a capital outlay of another $684 million to cover increased orders for vessels.
Another Korean investor, KT Global Subic Inc., signed up in July for a high-rise complex worth $127 million.
In September alone, the SBMA approved 26 new investment projects worth $4.5 million which, according to the SBMA market research and planning department, were expected to create at least 600 new jobs.
The biggest project approved in September was Millennium Properties' $1-million hotel and restaurant project.
Of the 10 biggest projects approved in September, eight were owned by Korean investors.
Also, the SBMA-MRPD reported that as of the third quarter, the Subic Bay Freeport Zone has a total active workforce of 70,179, dropping slightly from the 70,408 total recorded in August.
The slight drop was due to a decrease in worker deployment by port contractors who had already completed their projects in Subic, the department said.
Of the total workforce, 43 percent come from Olongapo City; 22 percent from Zambales; 14 percent from Bataan; 6 percent from the National Capital Region; 3 percent from Pampanga; and 12 percent from other areas.
By Ronnel Domingo - Inquirer
Labels: investment, sbma, subic
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