SBMA okays $20 million in new projects

SUBIC BAY FREEPORT, Philippines – The Subic Bay Metropolitan Authority (SBMA) has approved 44 new investment projects worth a total of $20.45 million.

SBMA administrator and chief executive officer Armand Arreza said that the new batch of approvals “signify the unfailing determination of the SBMA to generate more investments and create more jobs despite the global economic slowdown.”

“To a great extent, the SBMA has been successful in sustaining the developmental momentum of the Subic Bay Freeport amid an unpredictable and unstable global economy,” Arreza said.

“We hope the entry of new investments would lead to a more robust business climate at the end of 2009, and at the start of the coming year,” Arreza said.

According to SBMA records, the bulk of new investments were made in August, when 24 firms proposed projects totaling $12.95 million.

The SBMA gave the go signal for 20 other projects with projected investments of $7.5 million and also projected to create a total of 765 jobs.

Among the projects signed in August and September, the biggest committed investment came from Pure Petroleum Corp., which projected a $6.22-million investment for its business of importation, selling, storage and transshipment of petroleum products.

The second biggest in terms of investment commitment was Subic Business and Technology College Inc., which will put up $4.29 million for a learning center. The school shall offer short term technical and vocational courses, as well as professional, and tertiary degree courses in various disciplines.

Rounding up the top five investors in this batch are: Bonsure Evergreen International Corp., which shall put up $2.21 million for a food manufacturing business; Chifil International Import-Export Manufacturing Co., Inc., with $1.41 million for cigarette manufacturing, packaging, warehousing and transshipment; and Petron Corp., with $1.02 million for the establishment of a gas station. By Bebot Sison Jr (The Philippine Star)