Olongapo SubicBay BatangGapo Newscenter

Saturday, October 31, 2009

Koreans still top Subic investors

SUBIC BAY FREEPORT — Korean businessmen remain the top investors inside this premier Freeport as more than 19 Korean companies poured in some $493,374.39 or almost P24 million in committed investments just for the third quarter of 2009.

Subic Bay Metropolitan Authority (SBMA) Administrator Armand Arreza said, “We are pleased to tell you that the number of Korean investors have significantly grown and that our local investors are just behind them.”

“With the current boom of Korean companies investing here, our local businesses and entrepreneurs have seized the opportunity to gain from the momentum since most of the foreign investors here buy locally made raw materials instead of importing them from their country,” Arreza added.

This year, the Koreans are pouring a total of $54.159 million in committed investments (equity) even before the end of the year.

On the other hand, local investors have increased as they invested a total of $51.56 million, while some 107 projects from local investors were approved by the SBMA board.

The third quarter alone yielded some $17.6 million worth of investments from 50 projects as 37 of them are 100% Filipino while the other 13 are mostly Filipino investors with small foreign equities.

“The increase of Filipino investors here have significantly improved since last year mainly because foreign companies who send their expats here made Subic Freeport their second home,” Arreza said.

“Most of the local companies who invested here are banking on the possible rise in the tourism trend of the Freeport, especially during the summer and Christmas season,” Arreza added.

Currently, Hanjin Heavy Industries and Construction Co. (HHIC) remains the biggest investor in the Freeport with a whopping $1.684 billion while Ocean 9 PhilKor, Inc. invests some $52.4 million and Hanafil Golf and Tour, Inc. (Hanafil) invests around $48 million. Korean investors fund these companies. By JONAS REYES - Manila Bulletin

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