SBMA okays new projects worth P8B

SUBIC BAY FREEPORT – The Subic Bay Metropolitan Authority (SBMA) approved in April and May P8 billion worth of new projects.

"This is an indication that the Subic Bay Freeport continues to gain the confidence of more local and foreign businessmen as we stand true to our mandate to attract more investors to locate here and consequently generate employment for the residents of the Central Luzon area as a whole," SBMA Chairman Feliciano G. Salonga told The STAR.

Salonga said the SBMA board approved 21 projects in April and another six in May.

"About 98 percent, or P8 billion, are foreign direct investments (FDIs). The rest of the P1 billion are investments of Filipino businessmen. We now have approved a total of 669 new projects with a cumulative committed investment of P156 billion since 1992," he added.

Of the 27 new projects that were approved, ten are tourism-related, seven are engaged in services, six in the warehousing industry, and four in manufacturing.

"We are trying to maintain a broad spectrum of opportunities here in the Subic Bay Freeport to be able to cater to a broad spectrum of workforce," SBMA administrator/chief executive officer Arreza told The STAR.

Bigggest among the 27 projects is the proposal of Delta Production Philippines, Corp. to engage in manufacturing, trading and rental of aluminum scaffoldings and rental of machineries for ship repair. Delta Production is infusing $155.7 million.

Infusing $12 million in committed investment – the second biggest is Yienson Manufacturing Corp. which will manufacture, import and export semi-finished and finished goods.

Subic Executive Lofts Condominium Corp. will establish and operate condominium hotels with a committed investment of $1.5 million, while Cover & Pages Corporation, will invest $1.02 million to render printing services.

"We take pride in what our locators came here for – strategic location, world class infrastructure, competitive incentives, highly qualified workforce, and up to six-year tax holiday for qualified industries," Arreza said.

The new projects approved in April include those of Interisland Resorts and Services, Asiapro Cooperative, Bonzette General Merchandise, Suntech International Corp., Shengkai Corp., Florenz Store, Capital Exchange Ventures, Winstar Subic Display Corp., Mango Valley Corp., Transtotal Solutions, Inc. Century Peak Corp., Janvy’s Café, J.P. Automobile Technique Subic Corp., AMTI Computers Subic Inc., F.AE. Logistics & Distribution, Inc. Freeport Meathouse Inc., Tito Pak’s Grilled Chicken & BBQ, and Velvet Greens & Blooms, Inc.

The six new projects approved in May are those of Jorgman Construction and Development Corp., Jamecca Insurance Brokers, Inc. Mechatro, Inc., Unitec Subic Inc., and Freeport Elite Resort, Inc.