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SBMA eyes more investors, tourists

By Othel V. Campos | Mar. 03, 2014 at 12:01am [ manilastandardtoday.com ]

The Subic Bay Metropolitan Authority plans to attract as much as P23 billion in new investments in the Subic Bay free port this year to create new jobs and achieve inclusive growth.

A report by SBMA president and administrator Roberto Garcia showed the agency would maximize the utilization of new container ports to decongest Manila ports and ease vehicular traffic.

It plans to launch a creative tourism campaign and host more events to attract  tourists and visitors to the free port.

Broader plans involve the implementation of a major reorganization that can more effectively achieve the agency’s strategic initiatives and deliver better service to locators and residents by simplifying business  processes such as the automatic renewal of new certificate of registration and tax exemption.

The agency said it would implement the long-delayed salary increases of all employees and intensify the good governance program.

Garcia said the 2014 plan was backed by a substantial increase in capital expenditures to P620 million from just P9 million in 2013.

In 2013, approved investments inside the Freeport soared 800 percent toP27 billion from only P3 billion during the previous year.

Cumulative investments in Subic from 1992 to 2012 reached $9.4 billion. Employment also rose in 2013 to 4,402 employees from 2,597 in 2012.

The SBMA posted a net income of P1.07 billion in 2013, up 35 percent from P800 million in 2012.

The top new investments in 2013 were Resom Resort, P21.37 billion; PTT Philippines Trading Corp., P1.9 billion; FFC Subic Seafoods Corp., P848.92 million; Johanna-Subic Seafood Corp., P795.57 million; Glowbal Outlets Philippines Inc., P212.23 million; Simon & Stanley International Trading & Development. Co. Inc., P215.62 million; APG International Aviation Academy Inc., P135.46 million; Alpha Primero Services Manufacturing Inc., P84.68 million; Associated Freight Consolidators, P83.13 million; and Platinum Skies Aviation Inc., P80 million.
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