Subic Bay Nets $1.6-B Investment
Joseph Dela Cruz - AHN News Writer
Subic Bay, Philippines (AHN) - Total investment recorded by the Subic Bay Metropolitan Authority (SBMA) last year was $1.6 billion or equivalent to 17-percent increase from the $1.42 billion peso in 2006.
SBMA administrator Armand Arreza said the total amount translates to 164 new and expansion projects that were registered last year, pushing the total cumulative investments to $5.4 billion.
According to Arreza, the biggest investment committed in 2007 came from Hanjin Heavy Industries and Construction Co., which poured in $684 million on top of its original $1 billion investment in 2006.
Arreza said the new investments represented "a growing line of business opportunities that investors now find in Subic. This, in turn, is reflective of the SBMA' s thrust to focus on the maritime industry as a core business, and in the continuing program to attract investors in logistics and tourism," he added.
Aside from the Hanjin expansion, a joint Taiwanese-Filipino venture in power production contributed the biggest chunk of new investments here in 2007. This was the Redondo Peninsula Energy, Inc., which committed $431.6 million to put up a coal-fired thermal power plant near Hanjin' s shipyard site at the Redondo Peninsula.
Other investments were from ABG Shipyard Inc., an Indian company that will engage in ship building and repair with a capitalization of $100 million; Kyung An Co. Ltd. (Korean), with $80 million for a casino and hotel project; Paradise Consulting; Development Corp. (Korean), with $36.7 million for a condominium-type hotel and related leisure facilities; and Wide Tree Leisure and Development Corp. (Korean), with $12 million for a hotel and restaurant business.
Subic Bay, Philippines (AHN) - Total investment recorded by the Subic Bay Metropolitan Authority (SBMA) last year was $1.6 billion or equivalent to 17-percent increase from the $1.42 billion peso in 2006.
SBMA administrator Armand Arreza said the total amount translates to 164 new and expansion projects that were registered last year, pushing the total cumulative investments to $5.4 billion.
According to Arreza, the biggest investment committed in 2007 came from Hanjin Heavy Industries and Construction Co., which poured in $684 million on top of its original $1 billion investment in 2006.
Arreza said the new investments represented "a growing line of business opportunities that investors now find in Subic. This, in turn, is reflective of the SBMA' s thrust to focus on the maritime industry as a core business, and in the continuing program to attract investors in logistics and tourism," he added.
Aside from the Hanjin expansion, a joint Taiwanese-Filipino venture in power production contributed the biggest chunk of new investments here in 2007. This was the Redondo Peninsula Energy, Inc., which committed $431.6 million to put up a coal-fired thermal power plant near Hanjin' s shipyard site at the Redondo Peninsula.
Other investments were from ABG Shipyard Inc., an Indian company that will engage in ship building and repair with a capitalization of $100 million; Kyung An Co. Ltd. (Korean), with $80 million for a casino and hotel project; Paradise Consulting; Development Corp. (Korean), with $36.7 million for a condominium-type hotel and related leisure facilities; and Wide Tree Leisure and Development Corp. (Korean), with $12 million for a hotel and restaurant business.
Labels: investment, sbma, subic
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