Olongapo SubicBay BatangGapo Newscenter

Thursday, November 10, 2011

Local investments in Subic Freeport reach $1.07 B in Jan.-Sept.

SUBIC BAY FREEPORT, Philippines – Investment pledges from local investors reached an all-time high of $1.07 billion here in the first nine months of this year, entirely dominating the arena with 72 out of the 95 projects approved by the Subic Bay Metropolitan Authority (SBMA) in the said period.

According to a periodical report released by the SBMA Business and Investment Group, the Subic Freeport generated new investments worth $1.08 billion from January to September this year.

Of this, a full $1.07 billion or 99.18 percent of the total were proposed by Filipino-owned companies.

Meanwhile, foreign direct investments (FDIs) dropped by 99.21 percent from $1.12 billion to $8.8 million for the same period this year, the report indicated.

With more and bigger projects, local investors also dominated the Top 10 list of approved projects in terms of committed investments for the period, and shifted the bulk of investment pledges from services and logistics to energy-related ventures.

SBMA records for the period January-September 2011 showed that three new renewable energy projects with committed investments totaling more than $1.03 billion, became the Freeport's top three investors, comprising 97 percent of total local investment pledges.

Topping the Top 10 list of local investors are Energy Logics Solar Holdings, Inc., which pledged $458.5 million in August to establish and operate a solar energy project; Jobin-SQM, Inc., with $300 million in January to engage in new renewable, non-conventional and environment-friendly energy sources and systems; and Energy Logics Philippines, Inc., with $280 million in August to develop, install, construct and operate a utility-scale wind energy project.

Meanwhile, Multifront Marketing Corp. landed in the fourth place with $22.7 million for the importation and trading of lubricants, automotive and industrial diesel, fuels and other oil-based products. Number five is Rowena Minoo Samurai, Inc., which committed $1.5 million to engage in a construction business.

In the sixth place is First Subic Food Ventures Corp., with $932,000 to establish a McDonald's fast-food chain; followed by Flight and Simulator Training, Inc. with $900,000 for an aviation and flight training school. Taking the eighth place is Segara Subic Bay Properties, Inc. with $699,137 for the establishment hotels, dormitories, or boarding houses, restaurants, and other leisure and recreational facilities.

The last two projects in the same list are Tornwall Vex Corporation with $488,372 to engage in the wholesale and retail of various electronic products, resins, steel and other related merchandise; and Green Expertise Allied Services with $465,000 for the trading of hazardous waste, scrap materials and other related services.

With the biggest projects proposed by energy-related ventures, the utility sector has topped the field of investment generation in the Subic Bay Freeport with total committed investments worth $738.5 million since January. The manufacturing sector followed with a total of $301.37 million. By FRANCO G. REGALA - mb.com.ph

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