The Subic Bay Metropolitan Authority recently announced the inflow of PHP111.5 billion into this Freeport in the form of newly approved investment projects in just the first seven months of 2016.
This represents the highest approved investments ever for the same span of time since the Subic Freeport’s establishment in 1992. The record-breaking performance also surpasses the Freeport’s total new investments of PHP18.5 billion in 2015 by more than 500 percent, and its 2012-2015’s total of PHP 47.9 billion by 132.77 percent.
So far, the biggest investment in Subic this year came from Australasia Cold Storage Logistics and AIA Airways Company, Inc. with a committed investment of PHP70.5 billion.
The logistics investment project will involve transporting agricultural products from Australia, mostly meat and seafood; repacking them in Subic; and then flying or shipping them out to customers worldwide. Also included in the project are the putting up an intermodal cargo terminal and the use of both airport and seaport with an expected turnout of around 60 containers a month for the Subic Port.
Another significant new investment is the solar and industrial estate project of Dynamic Konstruk Enterprises with an investment pledge of PHP34 billion and a projected employment of 40,000-50,000. The proposed industrial estate project will include the development of a 200-megawatt solar plant, the construction of warehouses and logistics facilities, and the establishment of factories in a 400-hectare area in the Redondo Peninsula near the site of the Hanjin shipyard.
Once on stream, the two new projects and other approved new investments are expected to generate a total of 54,973 new jobs in the Freeport, which traditionally sources the manpower requirements of its locators from Olongapo, Bataan, and Zambales; as well as from Pampanga, Tarlac, NCR, and other areas. (AMF/CorCom-SBMA)
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