SBMA leads in FDI inflows with P68.1B in first half

SUBIC BAY FREEPORT – Subic Bay Metropolitan Authority (SBMA) became the leading investment promotion agency in the country with a total of P68.1 billion in foreign direct investments (FDIs) recorded in the first semester of the year.

According to the National Statistical Coordination Board (NSCB), committed investments at the SBMA in the first half of the year accounted for 59 percent of the total P116.5-billion FDIs recorded from January to June 2006.

SBMA administrator and chief executive officer Armand C. Arreza attributed the entry of more FDIs into Subic to the agency’s "rigorous efforts in promoting Subic as an ideal investment site for world-class companies in the Southeast Asian region."

"We are doing all we can to attract more Korean, Taiwanese, as well as American firms. Recently, SBMA officials have made trips to Singapore, Saudi Arabia, Vietnam and Japan as part of our marketing effort," Arreza told The STAR.

SBMA’s investment promotion program has been paying off, Arreza added. Compared to last year’s FDI record, the SBMA managed an unprecedented increase from P368.8-million FDIs in 2005 to P68.1 billion this year.

Ronnie Yambao, manager of the SBMA’s Investment Promotion Department, said in the first half of 2006, the agency approved a total of 68 new projects the bulk of which, or about 98 percent, were in the form of FDIs.