SBMA okays $57-million new projects

SUBIC BAY FREEPORT , Philippines  – Proving that the Subic Bay Freeport is among the more attractive investment centers in the country today, the Subic Bay Metropolitan Authority (SBMA) recently approved new investment projects worth a total of $57.74 million. 

SBMA administrator and chief executive officer Armand Arreza, who formally signed the contracts for the 17 new projects along with SBMA chairman Feliciano Salonga, said this freeport continues to beat the odds of the global economic downturn.

The new projects, Arreza said, included six projects under the leisure industry with a total value of $53.59 million, three in manufacturing and maritime with total investments of $1.3 million, three in general business at a total of $266,274, and five in logistics worth $2.57 million.

Most of the 17 new investment contracts were signed by new business locators, while a few were by existing Subic firms that opted to expand operations.

”These only prove the resiliency of the Subic Bay Freeport in attracting new investors despite the global economic crisis,” Arreza told The STAR.

He added that as of August this year, 65 new accounts have been added by the SBMA to the list of investor firms here that totaled 948 at the end of 2008.

According to SBMA records, the biggest investment commitments in this latest batch of approved projects is the P2.5-billion (about $50 million) commitment by Ocean Nine Philkor Inc., a South Korean firm involved in the development and operation of hotels, casinos and resorts.

The firm, under its short-term plan, will be renovating a hotel complex in Subic’s Cubi area to start its hotel and casino operation by January 2010, Ocean Nine manager Charles Kim said during the contract-signing ceremony.

Following Ocean Nine in terms of investment value is Innasia Corp., which proposed the P70-million construction of a four-story hotel and expansion of a dining facility.

The third biggest project is the P50-million expansion of Puregold Duty Free (Subic) Corp., while the fourth biggest is the $1-million project of Lionair Subic Philippines Inc. for the servicing and maintenance of fixed- and rotary-wing aircraft here.