By Louella D. Desiderio (The
Philippine Star) | Updated July 21, 2014 - 12:00am
MANILA, Philippines - Investment
commitments in the Freeport Area of Bataan (FAB) hit a record-high in the first
six months of the year.
According to the Authority of the
Freeport Area of Bataan (AFAB), it attracted investment pledges amounting to
P83.96 billion in the first semester, well above the P60.55 million in the same
period last year.
The approved investments are for
different projects which include a business process outsourcing facility, a
luxury handbag manufacturing plant, a biofuel production hub, as well as
development and operation of commercial and tourism estate facilities.
“The AFAB already achieved its goal to
exceed last year’s pledges. It’s just half of the year and we already surpassed
the P2.1-billion worth of approved investments in 2013. This record-high
investment pledges proved that the Authority works hard to contribute to the
growth of the local economy and generate more jobs for the people on the
ground,” AFAB chairman and administrator Deogracias G.P. Custodio said.
As investment pledges surged, the
number of freeport workers likewise climbed 33 percent to 18,387 from 13,802
employees in the comparable period in 2013.
Export earnings of locators in the FAB
meanwhile, declined 13 percent to $169.281 million in the first half of 2014
compared to the $194.958 million worth of exports reported in the same period
last year.
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As of June, there are 87 registered
and approved locators in the FAB.
The locators include Korean,
Taiwanese, Chinese, American, Japanese, British, Bahrainese, French and German
businesses.
The FAB is the emerging fashion
manufacturing hub of the Philippines as it hosts companies producing garments,
apparel, shoes, bags and pieces of jewelry for the high-end market.
By 2020, the AFAB wants the freeport
to be the preferred location of investors and a center of trade, innovation and
sustainable development in Asia.
“We assure the national government and the
locals in Bataan that we will continue to bring more investments in the region
and make sure that the economic growth is felt by the people,” Custodio said.
In line with attracting more locators
to the freeport, the AFAB earlier this month forged a partnership with the
Korean Chamber of Commerce Philippines to encourage Korean firms to invest in
the FAB.
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