Defying the economic downturn as a consequence of the pandemic, the Subic Bay Metropolitan Authority registered P16.67 billion in investments from January to December this year. | PHOTO: Joanna Rose Aglibot
SUBIC BAY FREEPORT—The Subic Bay Metropolitan Authority (SBMA) generated P16.67 billion worth of investments this year despite the economic slump amid the COVID-19 pandemic, the agency announced Tuesday, Dec. 28.
In a statement, SBMA Chair and Administrator Wilma Eisma said the figure reflected a 1,099-percent increase compared to the P1.39-billion investment registered in 2020.
She said the amount was four times higher than the P4.38-billion investment forecast for this year.
“We’re not yet there even with this P16.67-billion figure this year, but we are definitely on our way to pre-pandemic investment levels,” Eisma said.
According to Eisma, about 72,000 new jobs would be created due to the fresh investments in the free port.
She attributed the strong performance of the economic zone to its being “a safe haven for both business and leisure” despite the various restrictions triggered by the health crisis.
“The people here—and that include the workers and residents—have gotten used to the strict implementation of safety protocols by the SBMA, and this is apparently paying off,” Eisma said.
She added: “People are asking where Subic’s economic vibrancy comes from, and the simple answer is that it comes from keeping Subic safe for everybody.”
Data from the agency’s Business and Investment Group disclosed that 110 new business locators had registered in the free port from January to December this year.
These included 82 companies wholly owned by Filipinos; five Sri Lankan and Filipino partnerships; three Filipino-Chinese combines; two Dutch, American and Filipino joint ventures; two Sri Lankan firms; two Taiwanese-Filipino companies; an American enterprise; and 14 other projects between a Filipino and a foreign partner.
The biggest investment project in 2021 was the P201.2-million watercraft operation business proposed by Empress maritime Subic, Inc., a British-Filipino venture.
According to the SBMA, the biggest investment project in terms of employment is that of Subic Supreme Industries, Inc., with projected 71,250 jobs.
This Filipino venture with committed investments of P15.5 million will develop and operate the marshaling yard at the gateway area for mixed-use development and services.