Olongapo SubicBay BatangGapo Newscenter

Thursday, November 12, 2009

Subic investments drop 44% as of Sept.

INVESTMENTS committed to Subic Bay Freeport in the third quarter nearly doubled from a year ago, but were unable to offset a contraction in the first nine months of the year, Subic Bay Metropolitan Authority data released yesterday showed.

Third quarter investment pledges stood at $40.323 million, up by 92.84% from the same quarter in 2008.

Total investment pledges in the first nine months to September worth $132.507 million, however, were down 44.59% from yearago levels due to a two-thirds drop in second quarter commitments.

The third quarter figure was made up of 59 projects that are expected to generate 3,865 jobs.

These investments include Pure Petroleum Corp.’s $6.22-million project to import, sell, store, and ship fuel products, SBMA said.

Subic Business and Technology College, meanwhile, will be sinking in $4.29 million to put up a school that will offer tertiary degree and vocational courses.

Other planned investments included in the figure are Bonsure Evergreen International Corp.’s $2.21-million food manufacturing plant, Chifil International-Export Manufacturing Co., Inc.’s $1.41-million cigarette factory and Petron Corp.’s $1.02-million gas station.

Data on investments pledged with other agencies from the first to third quarters were not immediately available.

First half data show, however, that the Board of Investments saw a 80.2% decrease in pledges to P41.1 billion, while the Philippine Economic Zone Authority similarly saw pledges drop 27.9% to P38.626 billion.

The Clark Freeport in Pampanga, meanwhile, enjoyed a 39.8% increase in first half pledges to P2.9 billion. -- Jessica Anne D. Hermosa - Business World

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