MANILA, Philippines - The Subic Bay Freeport and the Clark Freeport Zone in Pampanga remained major contributions to the country’s development, chipping in more than 10 percent of gross domestic product last year.
According to Subic Bay Metropolitan Authority (SBMA) acting deputy administrator for business group Ronnie Yambao, the contribution of the two neighboring special economic zones to the Philippine GDP was between 10 and 11 percent.
“Clark’s and Subic’s combined export value last year of $6 billion is very significant to the gross regional domestic product (GRDP), which contributed 11 percent to our GDP,” Yambao said.
According to a report from the International Monetary Fund (IMF), the Philippine GDP’s growth rate remained at 6.1 percent as of 2014, he said.
Referring to the updated World Economic Outlook, Yambao said the IMF expects the Philippines to remain the fastest-growing economy in Southeast Asia this year after maintaining its 6.1 percent GDP, outpacing Vietnam and Indonesia.
For Subic, Yambao said among the major growth contributors is South Korean shipbuilder Hanjin Heavy Industries Corp. (HHIC), which now has 29,000 direct workers.
“For this year, Hanjin is projecting to complete at least 17 ships worth over $1.6 billion. This would mean hiring additional workers,” he said.
Meanwhile, he also disclosed five new investment projects that the SBMA board approved this year.
These include Harbor Star Subic Corp., which proposed a $4.5-million investment for marine-related ancillary service operation, such as harbor assist, towage, oil spill, and underwater services.
Another project, Nanofixit Ventures Inc., will open a $5.32 million rebottling and packaging company for water-based liquid screen protector, while Subic Superfood Inc., will infuse $920,000 for a food processing plant that will use local pili nuts from the Bicol Regional and Himalayan Salt for the manufacture of so-called “super foods.”