Home » Customs & Trade » Subic investments more than double in first semester

INVESTMENTS in Subic Bay Metropolitan Authority (SBMA) more than doubled to P185.9 million in the first six months of the year.

“The amount of investments generated in January to June signified more than a hundred percent increase over investment pledges generated in the first six months of 2009,” SBMA administrator Armand Arreza said in a statement.

“Considering we’re still on the tail end of the global recession, it’s quite remarkable that Subic would be hitting more than $37 million per month in terms of new investments,” Arreza said. “Last year, our monthly investments average in the first half was only about $17 million due to the financial slowdown that affected trade in Subic.”

The agency approved 56 new projects in the first half compared to 51 in the same period last year.

Of the new projects, foreign direct investments totaled $114.58 million, up 98.28% over the first half record of $57.78 million in 2009.

Local investments reached $71.29 million, a 140% increase over last year’s $29.67 million.

Fully Filipino-owned companies were the top 10 new investors in the first semester.

The biggest investment commitment, however, was made by the Chinese firm Sunnew-Subic Investments Ltd, which pledged $75 million for the construction of wind energy projects at two sites in Subic Bay.

The company is proposing to construct a total of 25 wind turbines, with the project covering a total area of 50,000 square meters at both the Mt. Sta. Rita and the Redondo Peninsula sites. Once complete, the wind turbines will make Subic the country’s first economic zone to have a renewable energy facility. The project will produce 50 megawatts of power by 2012, and will initially employ 103 workers.

The second-biggest investment project was pledged by Filipino firm Subic Bay Town Center Inc, which committed $36.42 million for the development of a commercial center.

Tied in third place in terms of committed investments ($15 million each) are Alubat Aviation Composites Phils, a German-United Kingdom joint venture in aviation repair and maintenance services, and Vapco International Corp, a joint Jordanian-Filipino venture.

Rounding up the top 10 largest projects for the first half are Sands of Triboa Resorts, a Filipino company with commitments of $14.37milion; Fertuna Holdings Corp., Filipino, $5.35 million; Holy Land Subic Foundation, Inc., Filipino, with $5.33 million; San Bernardo Shores Beach, Filipino, $2.21 million; Advance Subic Screw Inc., Taiwanese, $1.5 million; CW-Subic Bay Dev’t, Inc., Filipino, $1.49 million; and Chinmei Metal Mfg. Inc., Filipino, with $1.45 million.

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