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Monday, March 4, 2024

Investments in Subic hit P2.85b in 1st half

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SUBIC BAY FREEPORT—The Subic Bay Metropolitan Authority has approved 45 new investment projects worth a total of P2.85 billion from January to June this year, bringing the cumulative investment commitments here to P499.6 billion.

SBMA Chairman and Administrator Wilma T. Eisma said the total investment pledges in the first semester of 2018 was 290 percent higher than the P731 million generated in the same period last year.

The first semester projects are also expected to generate 2,439 new jobs in the Subic Bay Freeport Zone, she added.

“This is a significant harvest of business commitments and opportunities for Subic, and it only goes to show that this free port remains to be one of the strongest economic drivers in the country today,” Eisma said.

“It also goes to show that businesses continue to grow in Subic, because 13 business locators here have proposed expansion projects in the first six months,” she added.

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The expansion projects are worth a total of P276 million and are projected to generate 286 new jobs.

According to Kenneth Rementilla, SBMA deputy administrator for business and investment, the biggest investment commitment the agency signed up in the first semester was made by Citic Hotels and Leisures Corp., a brand that carries the world-renowned five-star hotel chain Wyndham Hotel.

The Citic proposal was worth P1.34 billion and will generate 2,000 new jobs.

The second biggest new project was proposed by Air Juan Aviation for the operation of air transportation services and charter passenger flights to various points in the country. The firm will invest P671.47 million and hire 10 workers.

GGG Technology Inc., meanwhile, proposed a P200-million project that will involve an initial workforce of 110 to engage in manufacturing, assembly and refurbishing of high-technology consumer electronics.

The fourth largest project was that of First Aviation Academy Inc., an operator of aviation-related training and skills assessment center. It will offer various aviation-related courses to airline and non-airline employees and individuals, infuse P156.6 million into the business, and hire 28 workers.

The fifth biggest proposal came from Vortex Oil and Gas Solutions Corp., which will operate an office for the import and export, trading, selling and distribution of petroleum products with a committed investment of P100 million and a workforce of five employees.

Eisma said the agency hopes to create more business opportunities here, as it arranges cooperation programs with neighboring communities to host additional investment projects.

As of June this year, the Subic Bay Freeport Zone hosts a total of 1,596 business locators that employ a total workforce of 133,940.

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