Vol. XXII, No. 77 [ BusinessWorld Online ]
Tuesday, November 11, 2008 | MANILA, PHILIPPINES
SUBIC BAY FREEPORT — The Subic Bay Metropolitan Authority (SBMA) reported 141 new investment commitments worth more than $239 million in the nine months to September.
An official statement yesterday said the resulting 15,330 new jobs include the 10,000 projected employment of Subic Neocove Corp., a joint venture between Korean and American firms for the construction and operation of an integrated sports and luxury resort facility at Subic’s Redondo Peninsula.
Aside from Neocove, nine other big investors will also be also labor-intensive. These are: Korean construction firm Hanil E&C Subic, Inc., which has a committed investment of $11 million; Sultan Ahmed Lootah Enterprises Corp., with $6.72 million; George Dewey Medical and Wellness Center, Inc., $6.58 million; Hanafil Golf and tour, Inc., with initial commitment of $3 million; Australasia Marine Alliance Corp., $2.31 million; Pacific Pearl Airways Aviation School, $2.13 million; Palmgold Int’l Ltd., $1.98 million; Grand Pillar Int’l Development, Inc., $1.9 million; and Buma Subic Development and Management Corp., with $1.5 million.
SBMA data show that Subic’s total labor force stood at 83,428 as of September. Services account for 43.17% of the total at 36,012 workers; maritime-related industries account for 31.69% at 26,438; manufacturing, 17.74% at 14,804; and construction, 6.75% at 5,628 workers. — RMG