Vol. XXII, No. 5-A [ BusinessWorld Online ]
Saturday, August 2, 2008 | MANILA, PHILIPPINES
THE SUBIC BAY Metropolitan Authority (SBMA) approved $212 million worth of new investments in the freeport in the first half of the year. These involved 94 new projects that are expected to create 3,588 jobs, SBMA Administrator Armand Arreza said in a statement.
"This is a big boost to government efforts to stem rising unemployment in the Central Luzon region. More than 90% of these projects are foreign direct investments from Norway, Canada, Korea, Japan, Malaysia, US, Taiwan, and Pakistan ," he said.
The commitments brought cumulative investments in the free port to $5.7 billion.
SBMA data showed Korean firms accounted for the largest investments, led by resort developer and operator Subic Neocove Corp. which pledged $175 million in April for a 500-hectare resort and golf course project at Subic’s Redondo Peninsula.
Rounding out the top five were Korean construction firm Hanil E&C Subic, Inc., which will design, plan and build medium- to high-rise commercial and residential buildings ($11 million); Hanafil Golf & Tour, Inc., a joint Korean-Filipino venture for the operation of golf, tour and recreational facilities ( $3 million); Palmgold Int’l Ltd., a Malaysian company that will import gaming equipment and operate a slot-machine arcade ($1.93 million); and Grand Pillar International Development, Inc., a Taiwanese real estate developer ($1.9 million).
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