-
Investment commitments at Subic Bay Metropolitan Authority in 2022 saw a whopping increase of 6,040% from 2021
-
345 billion worth of investment commitments were recorded last year, mostly for expansion projects
-
New investment commitments amounted to P14.063 billion
-
The number of new investors grew to 133 from 115, while the number of investors with expansion projects rose to 38 from 24
-
Topping the biggest committed investment expansion for 2022 was Vectrus Subic Corp. with P14.523 billion
-
Northern Palawan Power Generation Corp. led the top new investors with its P7-billion investment commitment
Subic Bay Metropolitan Authority (SBMA) investment commitments in 2022 were up a whopping 6,040% to P36.345 billion from P591.914 million year-on-year, mostly for expansion projects.
The number of investors planning to implement expansion projects increased from 24 in 2021 to 38 in 2022. If completed, the expansion projects will provide employment to an additional 2,832 workers, SBMA said in a statement.
The number of new investors increased from 115 companies in 2021 to 133 in 2022. Their total committed investment for last year hit P14.063 billion.
Topping the biggest committed investment expansions are Vectrus Subic Corp. with P14.523 billion; Agila South Inc. with P10.738 billion; Agila NY Naval Inc. with P6.283 billion; and Nidec Subic Philippines Corp. with P4.2 billion, according to the 2022 year-end report of SBMA’s Business and Investment Group.
Agila NY Naval Inc./Agila South Inc.—together with US-based private equity firm Cerberus Capital Management—is taking over the former Hanjin shipyard in Subic. Agila will use the Redondo Peninsula area as an industrial park for ship repair companies.
SBMA earlier said Vectrus, a global service solutions provider to the US government and across the world, will occupy most of the shipbuilding area of the facility.
New investments
Meanwhile, leading the list of new investments is Northern Palawan Power Generation Corp.—which is engaged in real estate development for power generation and other energy sources–and will locate at Cawag, Redondo Peninsula. The new investment will contribute P7 billion to the total committed investments in 2022.
UNCO United Oil and Gas Philippines came next with P1.948 billion and Tawi Tawian Petroleum Trading Corp. with P1.5 billion. Both companies are engaged in importing and trading petroleum.
SBMA chairman and administrator Rolen Paulino said this manifestation of investor confidence makes Subic Bay Freeport Zone more attractive to foreign and local investments.
SBMA senior deputy administrator for business and investment Renato Lee III said the agency was able to generate P24.17 in revenues for every P1 spent in operating expenses as earnings from January to November 2022 reached P1.691 billion, or 134.81% higher than the target of P719.95 million.
RELATED READ: Subic reviews port fees to attract transshipments
