Subic Bay targets $7bn windfall
After exceeding its 2010 investment target of US$5 billion last year, the Subic Bay Metropolitan Authority (SBMA) said it has now increased its goal to $ 7.5 billion, or $ 2.5 billion more in fresh investments within the next three years.
SBMA Administrator Armand Arreza made this announcement on Monday 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. "There is no other way to go but up," Arreza quipped in a media interview here. "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.
At the same time, Arreza expressed confidence that the SBMA would be able to corner the additional $ 2.5 billion in a period of three years because of investor-friendly policies that the agency has put in place in the last two years. 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 for processing procedures.
Moreover, 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, Arreza said. The SBMA official also said that the scheduled opening of the Subic-Clark-Tarlac Expressway (SCTEX) in March and President Arroyos Executive Order No. 675, which extends Subics 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, Arreza said. The SCTEX project, he explained, will hasten the flow of goods and manpower within the Subic-Clark growth corridor, while EO 675 will build a strong economic base in areas around the two free ports. The entry of Jafza International, Arreza also said, is proof that Subic is on its way to realizing its potential as a logistics and service hub in Southeast Asia. by Asia Pulse
SBMA Administrator Armand Arreza made this announcement on Monday 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. "There is no other way to go but up," Arreza quipped in a media interview here. "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.
At the same time, Arreza expressed confidence that the SBMA would be able to corner the additional $ 2.5 billion in a period of three years because of investor-friendly policies that the agency has put in place in the last two years. 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 for processing procedures.
Moreover, 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, Arreza said. The SBMA official also said that the scheduled opening of the Subic-Clark-Tarlac Expressway (SCTEX) in March and President Arroyos Executive Order No. 675, which extends Subics 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, Arreza said. The SCTEX project, he explained, will hasten the flow of goods and manpower within the Subic-Clark growth corridor, while EO 675 will build a strong economic base in areas around the two free ports. The entry of Jafza International, Arreza also said, is proof that Subic is on its way to realizing its potential as a logistics and service hub in Southeast Asia. by Asia Pulse
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