Bataan Freeport is fastest growing freeport zone in Phl

MANILA, Philippines - The Freeport Area of Bataan (FAB) continues to be the fastest growing freeport zone in the country this year as it attracts more foreign locators.

According to the Authority of the Freeport Area of Bataan (AFAB), it expets to be the fastest growing freeport anew this year.

This, as it generated nearly P83.96 billion worth of investments in the first half of 2014, over 138,000 percent higher compared to the P60.55-million investment pledges that it recorded in the same period last year.

In 2012 and 2013, the FAB was recognized as the fastest growing freeport in the country by the National Statistical Coordination Board.

Since the AFAB took over operations from the Bataan Export Processing Zone, the number of locators has jumped nearly 236 percent to 92 in August of this year from 39 in 2010.

 “The AFAB is also luring more foreign investments. These are among the reasons why the FAB was tagged as the fastest growing freeport in the country,” AFAB chairman and administrator Deogracias G.P. Custodio said.

Amid continuous increase in local and foreign investments, the number of jobs generated by projects in the freeport has also risen to 18,543 in August this year from 12,777 in 2010.

The AFAB continues to  encourage investors to put up or expand operations in the freeport.

 “This record-high investment pledges and noteworthy recognition 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,” Custodio said.

 “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,” he said further.

The FAB is an emerging fashion manufacturing hub of the country as it hosts companies producing garments, apparel, shoes, bags and 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.