Olongapo SubicBay BatangGapo Newscenter

Thursday, July 08, 2010

Subic Bay’s foreign direct investments reach $1.1 billion

SUBIC BAY FREEPORT – Foreign direct investments (FDIs) here have reached $1.11 billion (around P51 billion) as a resort project proposed by Korean property developer M Castle Philippines Ltd. Co. topped them all by the end of the first half of this year.

The Subic Bay Metropolitan Authority’s Business and Investment Group (SBMA-BIG) announced that the South Korean company has committed a total of $350,000 (over P16 million) upon signing in as Subic-registered business last January, and then pledged an entire $1 billion (around P46.4 billion) on May 7 for the resort project.

M Castle’s entry into the Subic Freeport “greatly boosted Subic’s FDI generation this year,” said SBMA Administrator and CEO Armand Arreza.

SBMA records indicated that before M Castle’s project was approved, new FDIs in the free port stood at $114.58 million (P5.316 billion), out of the $185.87 million (P8.624 billion) total commitments generated in the first six months.

Overall employment projection for the new investment projects, meanwhile, was placed by the SBMA at 6,833.

Arreza said M Castle would develop a 615-hectare property at the nearby community of Morong in Bataan. The project, to be called Resom Resort City-Subic, would include the development of an integrated world-class recreational leisure resort featuring beach condo units and villas, a five-star casino-hotel, a marina club, as well as 36-hole golf course. By JONAS REYES = mb.com.ph

Labels: , ,


Post a Comment

<< Home


This is a joint private blog of volunteers from Subic Bay. It is being maintained primarily to collate articles that may be of importance to decision making related to the future of Subic Bay and as a source of reference material to construct the history of Subic Bay.

The articles herein posted remains the sole property of original authors and publications which has full credits to the articles.

Disclaimer: Readers should conduct their own research and due diligence before using any article herein posted for whatever intended purpose it may be. This private web log will not be liable for any loss or damage caused by a reader's reliance on information obtained from volunteers of this private blog.

www.subicbay.ph, http://olongapo-subic.com, http://sangunian.com, http://olongapo-ph.com, http://oictv.com, http://brgy-ph.com, http://subicbay-news.com, http://batanggapo.com 16 January 2012