Subic Free Port signs in new projects worth $57.74M
SUBIC BAY FREE PORT—Efforts by Subic authorities to sustain economic growth in this free port were rewarded with renewed investor confidence recently, as the agency signed in 17 new investment projects worth more than $57.74 million.
The newly approved projects included six ventures in the leisure industry with total committed investments of $53.59 million; three projects in manufacturing and maritime worth $1.3 million; three more in general business, with a total of $266,274; and five projects in logistics, with an aggregate value of $2.57 million.
Subic Bay Metropolitan Authority (SBMA) officials formally approved the new projects during a mass contract-signing ceremony at the SBDMC Formosa Hall in this free port.
According to Kenneth Lemuel Rementilla, SBMA manager for business and investment for leisure, the leisure industry here continues to boom despite the global economic crunch, turning in the most number of new projects and the biggest value of investment pledges.
“This is a sure sign that the leisure sector in Subic is becoming more attractive to investors,” Rementilla said.
Data from the SBMA business group showed that of the 17 new projects, the biggest proposal was that of Ocean Nine Philkor Inc., a South Korean resort developer that set aside P2.5 billion for the operation of hotels, casinos and other leisure facilities here.
Ocean Nine manager Charles Kim, who represented the firm during the contract-signing, said they will be renovating a hotel complex at Subic’s Cubi Point to start hotel and casino operations by January 2010.
The firm’s mid-term and long-term plans would involve the development of a beach resort, casino-hotel, convention center, shopping mall and theme park, Kim added.
Two more projects under the leisure sector turned in the next biggest investments. These are the P70-million construction of a four-story hotel and expansion of a dining facility by Innasia Corp., operator of the Courtyard Inn in this free port; and the P50-million expansion of Puregold Duty Free (Subic) Corp., a duty-free shop operator.
Meanwhile, new investor Lionair Subic Philippines Inc. committed the third-biggest project in this batch, with a $1-million budget for the servicing and maintenance of fixed- and rotary-wing aircraft here.
Aside from Ocean Nine, Innasia and Puregold, three other projects in the leisure sector were approved. These are the proposals of Aggressive North Developers Inc., which pledged P30 million for hotel and restaurant operation; Goltongne Subic Corp., with $368,333 for a restaurant and gift shop; and LG Digital Plaza Inc., with P11.25 million for an authentic Ilonggo restaurant, wholesale and retail operations, and import/export services.
Ronnie Yambao, SBMA manager for manufacturing and maritime, meanwhile, identified the new projects under his sector as Consummare Inc., with $562,478 for the production of specialty wood products; Pacific Metal Works Corp., for steel fabrication; and Shang Min Construction Corp., $580,000 for trading of construction-related materials and equipment.
Under general business, the new locators are Golden AI Trucking, with committed investments of $215,074; I Will Communicate Inc., with a $30,000 investment for a language-proficiency school; and M&M Subic Bay Development Corp., with $21,200.
Meanwhile, five new investments were approved under the logistics sector, said Raymund Gil Siongco, SBMA manager for business and investment in logistics. These are Food Entrepreneur and Exporters of the Phil., with $470,000 for trading in grains and meat products; Lionair Subic, $1 million; Omni Aviation Corp., $700,000; Solutions Advancing Global Enterprise International Import-Export Corp., $300,000; and Subic Bay Merlion Trading Inc., with P5 million for the transshipment of wines and liquors. Written by Henry Empeño / Business Mirror Correspondent