11 November 2009

SBMA approves $20.45-M new projects

The Subic Bay Metropolitan Authority (SBMA) has recently approved 44 new investment projects in this free port, with total committed investments worth US$20.45 million.

The new batch of approvals, said SBMA administrator Armand Arreza, “signify the unfailing determination of the SBMA to generate more investments and create more jobs despite the global economic slowdown.”

“To a great extent, the SBMA has been successful in sustaining the developmental momentum of the Subic Bay Freeport amid an unpredictable and unstable global economy,” Arreza said.

“We hope the entry of new investments would lead to a more robust business climate at the end of 2009, and at the start of the coming year,” Arreza added.

According to Stefani Saño, SBMA senior deputy administrator for business and investment, the bulk of new investments were made in August, when 24 firms proposed projects totaling $12.95 million.

The following month, the SBMA gave the go signal for 20 other projects with projected investments of $7.5 million.

Saño said the new investments are also projected to create a total of 765 jobs.

Among the projects signed in August and September, the biggest committed investment came from Pure Petroleum Corp., which projected a $6.22-million investment for its business of importation, selling, storage and transshipment of petroleum products.

The second biggest in terms of investment commitment was Subic Business and Technology College, Inc., which will put up $4.29 million for a learning center. The school shall offer short term technical and vocational courses, as well as professional, and tertiary degree courses in various disciplines.

Rounding up the top five investors in this batch are: Bonsure Evergreen International Corp., which shall put up $2.21 million for a food manufacturi8ng business; Chifil International Import-Export Manufacturing Co., Inc., with $1.41 million for cigarette manufacturing, packaging, warehousing and transshipment; and Petron Corporation, with $1.02 million for the establishment of a gas station.

Meanwhile, of the new business projects, Pure Petroleum and Chifil Internatinal led the pack in having the biggest number of jobs to be created, both at 100. Subic Business College came next at 50 jobs, followed by 40 for Bonsure and 35 for Petron.

Saño also said that aside from the new projects, the SBMA also approved 22 investor requests for renewal of lease or sublease agreements; seven proposals for additional facilities and eight for transfer of facilities; and 16 requests for amendments of business activities.

Among those who renewed their lease agreements with the SBMA were: Rizal Commercial Banking Corp., Subic International Air Charter, Inc., Vision Air & Sea Services, Inc., Sanritsu Technology Subic, Inc., and Nakayama Precision Industries Inc.

Meanwhile, those who requested for additional facilities included Philippine Coastal Storage & Pipeline Corp., Bataan Automotive Remanufacturing Corp., R. Joseph Holdings Subic, Inc., Yong Travel & Tours & Marketing Co. Inc., and Racso Sizzler Foods Corp.. (SBMA Corporate Communications)