Despite economic restrictions triggered by the pandemic, the Subic Bay Freeport remains one biggest business destinations in the country as more companies have committed to investing in the economic zone. (Photo courtesy of SBMA)
SUBIC BAY FREEPORT — At least 43 companies have pledged to invest P16.2 billion in this free port despite the economic restrictions triggered by the COVID-19 pandemic, the Subic Bay Metropolitan Authority (SBMA) announced on Monday, November 22.
In a statement, Wilma Eisma, SBMA chairman and administrator, said the new investment proposals were approved in the third quarter of this year and “reassert” the free port’s status as one of the biggest business destinations in the country.
Eisma said 40 of these companies sought registration as Subic business locators while the three others are existing locators that would carry out expansion projects totaling P49.44 million.
She said the new investments include 15 projects under the leisure industry, 13 in general business, 11 in logistics, and one in information and communications technology. The expansion projects were all under the manufacturing sector.
At least 71,522 new jobs are expected to be generated by the new investment proposals while the expansion projects are seen to create 1,200 more employment opportunities.
According to Renato Lee III, SBMA senior deputy administrator for business, the biggest investment proposals were from Subic Supreme Industries, Inc., which committed P15.5 billion for a leisure project; 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.
For the expansion projects, the largest commitment came from Philippine Easepal Technology Ltd. Corporation at P37.45 million. Philippine Easepal, which manufactures sports and leisure articles and apparel, also committed to hiring 810 more workers for its expansion. INQ