Subic Bay Metropolitan Authority approved new investment proposals totaling P16.2 billion in the third quarter of 2021
The commitments were made by 40 companies that registered as Subic locators from July to September and three existing locators
The new investments consist of 15 projects in the leisure industry, 13 in general business, 11 in logistics and one in information and communications technology, while expansions were all in the manufacturing sector
Subic Supreme Industries recorded the biggest investment proposal of P15.5 billion for a leisure project
Subic Bay Metropolitan Authority (SBMA) approved new investment proposals, including in logistics, worth a total of P16.2 billion in the third quarter of 2021.
The new investment commitments were made by 40 companies that registered as Subic Bay Freeport business locators from July to September, as well as by three existing locators that pledged additional investments for expansion projects totaling P49.44 million, SBMA chairman and administrator Wilma Eisma said in a statement.
The new investments consisted of 15 projects in the leisure industry, 13 in general business, 11 in logistics and one in information and communications technology, while the expansions were all under the manufacturing sector.
The new investments will bring in a total of 71,522 new jobs, while the expansion projects will generate additional employment of 1,200 in the freeport zone, SBMA said.
According to the SBMA Business and Investment Group (SBMA-BIG), the new projects approved in the third quarter of this year represented a 233% increase over the 12 new proposals in the same period last year, while new jobs showed thousands-fold increase over the 163 posted in 2020.
SBMA senior deputy administrator for business Renato Lee III said Subic Supreme Industries, Inc., made the biggest investment proposal of P15.5 billion for a leisure project. It was followed by Empress Maritime Subic, Inc. with P201.2-million for another leisure project; Bicol Oil (International) & Shipping Corporation with P179.3 million in logistics; SBGP Food Services, Inc. with P74.62 million in leisure; and Da Fu Yuan Corp. with P57.28 million in general business.
Subic Supreme also topped the employment department with 71,250 projected jobs.
Meanwhile, Philippine Easepal Technology Ltd. Corp. had the biggest commitment for expansion with P37.45 million. Philippine Easepal, which manufactures sports and leisure articles and apparel, also committed to hire 810 more workers for its expansion.
Lee said in SBMA-BIG’s third quarter report that at least 18 new projects, including co-location agreements with the country’s three leading telecommunications players, are being considered by the Subic agency.
He said SBMA is also reviewing and amending business processes, including the omnibus policy on the imposition of performance bond, to further reduce the period for processing and issuance of business permits and ensure efficient monitoring of development commitments by business locators here.
Eisma said the continuing health crisis may have initially shuttered some companies in Subic, “but we’re definitely making a comeback as a preferred investment destination.”
She added sound economic policies that gave investors support during the pandemic and Subic’s safety record in observing health measures helped gain the trust of new investors.
Eisma pointed out the SBMA has been a favored destination for “bubble events” like business conferences, sports tournaments, and staycations at the height of the COVID-19 pandemic, as well as a hub for international crew change and the repatriation of overseas Filipino workers.