SBMA: P36-B worth of expansion projects buoy investor confidence in Subic Freeport
SUBIC BAY FREEPORT – Locators here have committed to infusing more than P36 billion worth of committed investments as the economic zone continues to attract new local and foreign companies, according to the Subic Bay Metropolitan Authority (SBMA).
In a statement Thursday (Feb. 23), the SBMA said the amount of the investments committed by several companies in 2022 for their expansion projects rose by a staggering 6,040 percent compared with the previous year.
Based on the year-end report of the SBMA Business and Investment Group, the agency managed to secure a total of P36,344,969,889 worth of committed investments last year. It was way higher than the P591,914,600 committed investments in 2021.
“I am so blessed to be working with a team of hard-working men and women; equally blessed to be appointed at a time when pandemic restrictions started to ease,” said SBMA Chairman and Administrator Rolen Paulino.
Leading the list of companies that would invest in their expansion projects are Vectrus Subic Corporation with P14,522,658,219; Agila South Inc. with P10,737,616,537; Agila NY Naval Inc. with P6,283,079,863; and Nidec Subic Philippines Corporation, which was recently signed during President Marcos’ official visit to Japan, with P4,200,000.
Among the top new investors is Northern Palawan Power Generation Corporation, which will be located in Cawag, Redondo Peninsula. The firm, committed to investing P7 billion, is engaged in real estate development for power generation and other energy sources.
Also contributing to the new investments are UNCO United Oil and Gas Philippines, with P1,948,096,000, and Tawi Tawian Petroleum Trading Corporation, with P1,500,000,000. Both firms are engaged in petroleum importation and trading.
According to Paulino, new investors increased from 115 companies in 2021 to 133 in 2022. These new firms had committed to invest P14,063,061,938.
At least 1,874 new workers were expected to be hired by these companies.