SBMA to meet 2010 investment targets
AFTER exceeding its investment target of $5 billion last year, the Subic Bay Metropolitan Authority said yesterday it has now increased its 2010 goal to $7.5 billion, or $2.5 billion more in fresh investments within the next three years.
SBMA Administrator Armand Arreza made the announcement as he revealed a $250-million investment commitment in Subic by Jafza International FZE, the global economic zone operations arm of Economic Zones World, which is owned by the government of Dubai, the United Arab Emirates.
“There is no other way to go but up,” Arreza said in an interview.
“Now that we have exceeded our original target of $5 billion when Subic investments reached $5.4 billion in 2007, we have adjusted our 2010 goal to $7.5 billion,” he said.
He was confident that Subic would be able to corner the additional $2.5 billion within three years because of “investor-friendly” policies that the agency has put in place.
He said these include streamlining investment processing by standardizing terms and reducing processing period, organizing the SBMA business group into industry-focused units; facilitating the automatic renewal of certificates of registration and tax exemption for locators; and streamlining port processing procedures.
The SBMA has reduced power rates, stabilized water charges, re-established fiber optic link to Subic, and reaffirmed VAT exemption of Freeport enterprises, and cracked down on smuggling.
“With all these measures, the SBMA has succeeded in re-establishing Subic as a viable and attractive investment destination in the last two years,” he said.
Arreza added that the scheduled opening of the Subic-Clark-Tarlac Expressway (SCTEX) in March and President Arroyo’s Executive Order No. 675, which extends Subic’s tax- and duty-free regime to surrounding communities, “will bring in bigger investment opportunities for Subic and the rest of Central Luzon.”
“These will be our two enablers -- the tools that would facilitate the entry of more investments,” he said.
Arreza said the SCTEX project will hasten the flow of goods and manpower within the Subic-Clark growth corridor, while the presidential directive will build a strong economic base in areas around the two free ports.
The entry of Jafza International, Arreza said, is proof that Subic is on its way to realizing its potential as a logistics and service hub in Southeast Asia.
Under a memorandum of agreement that Arreza signed with Jafza CEO Salma Hareb, the Dubai-based company will invest in the development of the Subic airport, Boton wharf, Subic Techno Park, and the Crown Peak Hotel complex at Cubi Point. By: Jess V. Antiporda - Journal online
SBMA Administrator Armand Arreza made the announcement as he revealed a $250-million investment commitment in Subic by Jafza International FZE, the global economic zone operations arm of Economic Zones World, which is owned by the government of Dubai, the United Arab Emirates.
“There is no other way to go but up,” Arreza said in an interview.
“Now that we have exceeded our original target of $5 billion when Subic investments reached $5.4 billion in 2007, we have adjusted our 2010 goal to $7.5 billion,” he said.
He was confident that Subic would be able to corner the additional $2.5 billion within three years because of “investor-friendly” policies that the agency has put in place.
He said these include streamlining investment processing by standardizing terms and reducing processing period, organizing the SBMA business group into industry-focused units; facilitating the automatic renewal of certificates of registration and tax exemption for locators; and streamlining port processing procedures.
The SBMA has reduced power rates, stabilized water charges, re-established fiber optic link to Subic, and reaffirmed VAT exemption of Freeport enterprises, and cracked down on smuggling.
“With all these measures, the SBMA has succeeded in re-establishing Subic as a viable and attractive investment destination in the last two years,” he said.
Arreza added that the scheduled opening of the Subic-Clark-Tarlac Expressway (SCTEX) in March and President Arroyo’s Executive Order No. 675, which extends Subic’s tax- and duty-free regime to surrounding communities, “will bring in bigger investment opportunities for Subic and the rest of Central Luzon.”
“These will be our two enablers -- the tools that would facilitate the entry of more investments,” he said.
Arreza said the SCTEX project will hasten the flow of goods and manpower within the Subic-Clark growth corridor, while the presidential directive will build a strong economic base in areas around the two free ports.
The entry of Jafza International, Arreza said, is proof that Subic is on its way to realizing its potential as a logistics and service hub in Southeast Asia.
Under a memorandum of agreement that Arreza signed with Jafza CEO Salma Hareb, the Dubai-based company will invest in the development of the Subic airport, Boton wharf, Subic Techno Park, and the Crown Peak Hotel complex at Cubi Point. By: Jess V. Antiporda - Journal online
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