Vol. XXI, No. 203-A [ Business World Online ]
Saturday, May 17, 2008 | MANILA, PHILIPPINES
A newly opened container facility is expected to help industries in Luzon reach global markets and position Subic Bay as a maritime logistics center, the Subic Bay Metropolitan Authority (SMBA) yesterday said.
The New Container Terminal-1 (NCT-1), which comprises the first phase of Subic’s $215-milion port development project, has a cargo handling capacity of 300,000 twenty-foot equivalent units (TEU), SBMA Administrator Armand C. Arreza said in a statement.
"With the newly-opened Subic-Clark-Tarlac Expressway, the NCT-1 — and later the NCT-2 - could exponentially increase global market access for industries in Central and Northern Luzon," Mr. Arreza said.
The facility is expected to help the Subic Bay Freeport attract foreign investments and boost local trade.
The NCT-1, which is now being operated by the Subic Bay International Terminal Corp., unloaded its first shipment last month when the 1,200-TEU M/V Eagle Excellence delivered cargoes from the port of Kaoshiung in Taiwan.
Subic Bay International Terminal Corp. general manager Aurelio Garcia said the new facility is expected to bring in port users from Subic, Clark and Tarlac.
He said the government was also conducting road shows here and abroad to entice businesses to use Subic as a transshipment hub.
The SBMA earlier said it approved 30 new projects in the first two months of the year, with total investments of $13.2 million. This brings the total number of investors in the former US naval base to 961.
Among the new investors are Korea’s Hanafil Golf & Tour, Inc., which plans to develop a recreational facility for $3 million and create 1,495 jobs; Malaysian firm Palm Gold International Ltd., which committed to invest $1.9 million; and real-estate developer Grand Pillar International Development, Inc., with $1.9 million.
"Given this growing investment trend that started two years ago, when Subic breached the $1-billion yearend total, chances are we’d get a higher investment output for the third succeeding year," Mr. Arreza said.
New investments in Subic reached $1.42 billion and $1.67 billion in 2006 and 2007, respectively.
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