SBMA investments jump 51% in 2002

The Subic Bay Metropolitan Authority posted a 51-percent increase in committed investments last year. SBMA chairman Felicito C. Payumo said yesterday. Payumo said approved investments last year reached P2.5 billion, 51 percent higher than the P1.6 billion approved in 2001.

According to Payumo, the increase "makes a significant mark in the freeport’s reputation of being at the forefront of development." Payumo said he is optimistic that more investors will be attracted to invest in the Subic Freeport.

Ding Mesiano, head of the SBMA investment processing department, reported that of the 180 new projects, 71 were new lease contracts while 109 were new sub-lease agreement.

Most of the new investments, Mesiano said, came in during the second half of the year. Most of the new investments are in tourism-related and commercial businesses.

Mesiano said future investments will be in shipping-related business in consonance with the freeport’s container port development.

The SBMA is in the process of developing Grande Island, the Subic Gateway and a coastal development project.

The P2.5 billion in new investments last year, the SBMA said, resulted in the generation of 21,234 new jobs. As such, the total number of workers in the Subic Freeport now stands at 48,874.

Among the biggest approved projects last year are those of pharmaceuticals and cosmetic goods merchandiser Jet Eagle International Ltd. Inc. amounting to P873 million; Anglo Asia Land Corp., P245 million which deals with trading, warehousing, transshipment, import/export of various materials.

The SBMA also announced that Omron Mechatronics of the Philippines (OSP), one of the leading manufacturers of essential parts used in automated teller machines (ATM), and DJ Aerospace, manufacturer of aircraft parts, are set to open plants in Subic.

Omron, is leasing a 6,000-square meter lot for its expanded operations to manufacture ATM machines.

DJ Aerospace, the SBMA said, is investing P52 million for its facility in Subic.

Ecofriendly Equipment Corp. is investing P162 million for its operations in Subic. It rehabilitates used commercial industrial equipment/ machinery, heavy equipment.

The other approved investments are those of Autowide International (Subic) Corp. with P159.25 million and 2 World Traders Subic Inc. with P100 million.