Thursday, June 26, 2008 [ philstar.com ]
SUBIC BAY FREEPORT — A total of 85 new projects with investment commitments worth about P9.32 billion were approved here from January to May this year, further boosting Subic’s claim as one of the country’s leading investment destinations.
According to the Subic Bay Metropolitan Authority (SBMA), about 94 percent of these commitments, or a total of $199 million, were foreign direct investments (FDIs).
The total number of new projects approved by the SBMA in the first five months of the year was 52 percent higher than the business ventures approved in the same period last year.
“If this trend keeps up, we can hope to breach the $1-billion mark this year, just like what we did in 2006 and 2007,” said SBMA administrator and chief executive Armand Arreza.
“We’re now eyeing the continued growth of investments by Korean firms, and adding to that the expected resurgence of big-ticket investments from Taiwan, I’d say that our confidence level remains high that we can again reach the billion dollar level this year,” he added.
Records from the SBMA Business Group indicate that Korean firms continue to pour in the biggest investments into Subic recently, with shipbuilder Hanjin Heavy Industries Corp.-Philippines (HHIC-Phil) putting up a total of $1.6 billion over the last two years.
For the January-May 2008 period, the list of the 10 biggest investors was also topped by a Korean firm, Subic Neocove Corp., which seeks to establish a resort facility and other tourism-related projects with a $175.2-million budget.
The second and third biggest projects were also proposed by Korean companies. These are Hanil E&C Subic Inc., which pledged $11 million for the development and construction of medium- to high-rise commercial residential buildings; and Hanafil Golf & Tour Inc., with initial commitments of $3 million for the redevelopment of the 18-hole Subic golf course.
Other major new investments are: Palmgold Int’l Ltd., with committed investments of $1.94 million; Grand Pillar International Development, Inc., with $1.9 million; Buma Subic Development & Management Corp., with $1.5 milion; World HDGD Federation Philippine Association, with $1.22 million; Philkor Utopia Corp., with $1.2 million; Janburlai Corp., M. Waseem International Corp., and Ta Zon (Phils.) Color Paper Corp., all with $800,000; and Kumboindustry Corp., with $725,000.
Among the top new investors, one is Filipino-owned, the World HDGD Federation Philippine Association, which will engage in the construction and development of a training facility, complete with facilities like gym, sauna, spa and restaurant.
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