SBMA approves 71.34% of ₱46.23-B total FDIs by all IPAs

A total of ₱32.98 billion in foreign direct investments (FDIs) approved in this premier freeport accounted for 71.34 percent of the total ₱46.23 billion approved by all Investment Promotion Agencies (IPAs) in the country during the second quarter of 2022.

These investments were pledges approved by the following IPAs: Authority of the Freeport Area of Bataan (AFAB), Board of Investments (BOI), BOI-Bangsamoro Autonomous Region in Muslim Mindanao (BOI-BARMM), Clark Development Corp. (CDC), Cagayan Economic Zone Authority (CEZA), Philippine Economic Zone Authority (PEZA), Poro Point Management Corporation (PPMC) Tourism Infrastructure and Enterprise Zone Authority and the SBMA. 

According to SBMA Chairman and Administrator Rolen C. Paulino, this figure has recorded a significant year-on-year leap of 160,792 percent from ₱20.5 million of the same period last year to ₱32.98 billion this year.

Paulino attributed the said significant leap mainly to the aggressive efforts of the SBMA business group in attracting investors to make it happen in the Philippines, especially in Subic Bay. 

He also said that this is also partly a result of the implementation of the Fast, Friendly, and Flexible service to the SBMA’s stakeholders to help in the economic recovery from the effects of the pandemic. 

“We want companies to invest inside the Subic Bay Freeport Zone, and to do so, we want them to have a friendlier atmosphere while providing flexible terms for them in a fast and efficient way,” he said.

Paulino, likewise, disclosed that these FDIs approved by the SBMA Board of Directors showed a surge of 30,205.9 percent from the first quarter’s ₱108.83 million to the second quarter’s ₱32.98 billion this year alone. 

Senior Deputy Administrator (SDA) for Business and Investment Renato Lee III said that the biggest FDI accounted for came from Vectrus Subic Corporation (formerly Vector Services Philippines, Corp.) with a whopping ₱14.5-billion investment.

He added that the company is followed by Agila South, Inc. with an investment of ₱10.73 billion; Agila NY Naval Inc. that has an approved investment of ₱6.28 billion; and Agila Subic TC Inc. with an investment of ₱313.13 million, to name a few. 

“The investment growth at the Redondo Peninsula where the biggest approved projects for the second quarter of 2022 will be located will certainly spur growth in the area. The agency expects more influx of FDIs once these companies are in full swing,” Lee stated.

Lee said that Agila would be utilizing the Redondo Peninsula area as an industrial park for ship repair companies.

He said that the biggest foreign investor Vectrus Subic Corporation is engaged in general logistics services and service exports. He added that the company would be subleasing the area currently leased by Agila at the former Hanjin Shipyard facility in Redondo Peninsula.

Meanwhile, apart from the ₱32.98 billion in foreign equity of FDIs, the SBMA also approved ₱2.37 billion in Filipino equity, which is part of the 37 investment projects approved for the second quarter and will generate employment for 433 residents of Olongapo City, Bataan and Zambales. (MPD-SBMA) 

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Pacific Business Mission delegates explore SBF as among sites for future Aussie investments

This premier Freeport was recently among the sites considered for exploration by the delegates of the Pacific Business Mission for its future investments.

The Philippine Trade and Investment Center (PTIC) of Australia/New Zealand, in partnership with the Subic-Clark Alliance Development Council (SCADC) and the Board of Investments (BOI) accompanied Australian businesspersons to visit key viable investment sites in the Central Luzon area including this premier Freeport zone.

Headed by Philippine Ambassador to Australia Ma. Hellen De La Vega, the delegation also visited Clark Freeport Zone, Mt. Samat Flagship Tourism Enterprise Zone and the Province of Bataan before proceeding to Subic Bay.

The group was said to have expressed interest in possible investment projects related to tourism, automotive and electric vehicle manufacturing, agribusiness, and renewable energy.

The Subic Bay Metropolitan Authority (SBMA) employees, led by its Chairman and Administrator Rolen C. Paulino, received the delegates with a warm welcome at the Subic Bay Travelers Hotel in a luncheon briefing.

“As the global economy is struggling to bounce back from the negative effects of Covid-19 pandemic, we are glad to have this opportunity to participate in this investment mission and introduce or re-introduce the Subic Bay Freeport and Economic Zone to you,” the Chairman said.

Paulino encouraged the business delegates to make it happen in the Philippines, especially in Subic Bay, that the entire SBF community is looking forward “with much enthusiasm to work in partnership with all of you for the growth and progress of the Philippine economy, in general, and in the Subic Bay Freeport community, in particular.”

During the program, SBMA Business and Investment for Manufacturing and Maritime department manager Karen Magno gave the group a briefing on the business climate in the Freeport on behalf of Senior Deputy Administrator for Business and Investment Renato Lee III.

“We strive very, very hard to keep the confidence of our investors and maintain this site as an ideal site for investment. This is because of our core Filipino value we call ‘malasakit.’ Malasakit is the deepest form of caring. Malasakit to our stakeholders, malasakit to Subic, which we call home,” Magno said.

She added that because of malasakit, the business group, through the SBMA Board of Directors, was able to complete the processing of 63 new investments during the height of the pandemic in order to sustain the economy in the Freeport.

The said new projects with a committed investment worth US$24 billion required additional 682 employment opportunities for the residents of Olongapo, Bataan and Zambales areas.

Currently, the SBF houses 28 Australian locators with a committed investments totaling to US$11 million and an employment of 577 workers.

Hugh McDougall, President and CEO of Australia Farm Innovation, and Nick Fenwick, President and COO of Fabric8 Membrane Services, and both Australian locators in the Freeport, attested to the warm and professional reception of SBMA personnel, skilled and English-speaking workers, and the Fast, Friendly, and Flexible services that the SBMA has been extending them.

Australia Farm Innovation is the leading Philippines Supplier of Innovative and High Quality Prefabricated Agricultural Buildings and Equipment, while Fabric8 Membrane Services is a company that specializes in contract fabrication of textile materials used in major projects globally.

Meanwhile, SBMA Deputy Administrator for Business group Atty. John Aquino acknowledged the effort of the PTIC, SCADC, BOI and all the Investment Promotion Agencies as the Philippine Statistics Office recently announced that the Foreign Direct Investments (FDIs) reached ₱46 billion for the second quarter of this year alone.

Aquino proudly said that 71.34 percent of the said FDIs, or ₱32.98 billion were approved by the SBMA. (MPD-SBMA) 

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Subic shoe factory to hire 1,500 more workers

Datian Subic Shoes, Inc., the manufacturer of popular shoe brands like Vans and Keds, has committed some USD6 million to expand its operations in this Freeport.

Subic Bay Metropolitan Authority (SBMA) chairman and administrator Wilma T. Eisma welcomed the development, noting that the company plans to hire an additional 1,500 employees.

“Although we have experienced a downturn in employment last year because of the layoffs at Hanjin shipyard, we believe that Subic can easily make a rebound because a lot of companies like Datian Subic have been expanding and hiring more skilled workers,” she said.

Eisma said that the company has leased a 29,400-square meter property to extend its existing 42,749-square meter facility at the Subic Bay Gateway Park (SBGP) Phase II.

“The company plans to use half of the USD6-milllion expansion investment to build another factory building in two years,” she said.

Datian Subic initially invested USD10 million in 2017 for its first manufacturing facility at the Gateway Park.

As of February, this year, the company already employs 3,698 workers.

Datian Subic Shoes, Inc. produces shoes under global brands like Keds, Converse, Sperry, and Vans for the American market, as well as Hugo Boss and Dr. Martens for the European market.

Its Subic factory integrates assembly lines for stitching, rubber compounding, outsoles molding, insoles and arches sponging, rubber gluing, as well as foxing operations.

Company officials said the existing factory produces an average of 350,000 pairs of shoes per month.

Eisma also said the SBMA expects more expansion projects among Subic business locators, following the current shift in production from China to other countries in Southeast Asia because of the ongoing trade war between China and the United States.

“The current tax incentives being offered by the SBMA to foreign manufacturing companies is another factor for this expansion surge,” she said.

Eisma pointed out that the expansion projects last year amounted to a whopping PHP25 billion in committed investments from existing business locators. (Malou Dungog, PNA)

PHOTO:

The manufacturing facility of Datian Subic Shoes, Inc., located at the Subic Gateway Park.

http://www.pna.gov.ph/articles/1065111

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SBMA sees rosy prospects for Subic investments, employment

The Subic Bay Metropolitan Authority (SBMA) expects to continue attracting foreign direct investments and to generate more jobs this year, as it plans to expand into surrounding communities to accommodate major development projects.

SBMA Chairman and Administrator Wilma T. Eisma said in a presentation at the recent Subic Labor Congress here that the agency is looking into some 21,000 hectares of land in nearby communities that could be developed for more business ventures.

“We continue to fulfill our mission of attracting investments and generating jobs, even as we are now practically running out of space in the Subic Bay Freeport,” Eisma said.

“We are now in consultation with officials of local government units nearby, so that we can develop more areas for trade and business operations,” she added.

Eisma said that foreign direct investments (FDIs) continue to pour into Subic because of the SBMA’s investment promotion program. The latest in the pipeline, she said, include at least four FDI projects worth $10 million from Taiwan, which are separate from the P866-million committed investments approved by the SBMA in the first quarter of this year.

“These companies, which are into manufacturing and recycling, will initially employ at least 260 workers, and these workers would come from our neighbor communities,” Eisma pointed out.

She added that more employment opportunities will be opened with the big-ticket investments that were approved this year. These are the redevelopment of the Binictican Golf Course by a Japanese firm for at least $30 million; redevelopment of the Triboa Clubhouse and facilities by a Taiwanese company for P2 billion; construction of a 400-room five-star hotel and resort for $20 million; and development of the Subic Bay International Airport (SBIA) into a world-class business aviation center for $8 million.

Eisma explained that there are now 1,587 business locators with more than 134,000 workers in the Subic Bay Freeport, and with development largely suitable only within the fenced-in portion of the former Subic Naval Base, the SBMA has to expand into nearby areas to sustain local economic growth.

“It’s a good thing that the neighboring towns have pledged about 21,000 hectares for these future projects,” Eisma revealed.

She said these include 9,000 hectares in San Antonio, Zambales, which are ideal for resort development and leisure businesses; 10,000 hectares in San Marcelino, Zambales, for agriculture, mining and quarrying; 500-600 hectares in Subic, Zambales for factories, agriculture, and energy; and 500 hectares in Castillejos, Zambales for light to medium industry, and warehousing.

Meanwhile, the city of Olongapo pledged 900 hectares for housing, light industry and tourism, while Hermosa, Bataan allotted 505 hectares for light to heavy industry, renewable energy, metal industry, and vehicle assembly/auction.

SBMA records indicate that the Subic Bay Freeport Zone recorded a 14% increase in employment last year when its active workforce reached a total of 128,200, compared to 112,600 in 2016.

Most of the workers in the Subic Freeport come from the neighboring areas of Olongapo City, which accounts for 36%; Zambales, 27%; and Bataan, 12%. (RFD/MPD-SBMA)

PHOTOS:

[1-2] SBMA Chairman Wilma T. Eisma makes a pitch for Subic Freeport expansion in San Antonio, Zambales. The proposal earned the approval of local officials headed by Mayor Estela Antipolo and Vice Mayor Lugil Ragadio. (AMD/MPD-SBMA)

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SBMA reveals 10-point Agenda for the next six years

The new management team of the Subic Bay Metropolitan Authority (SBMA) revealed its 10-Point Agenda which defines the direction of the agency in the next six years.

“The Ten-Point Agenda is a set of priorities we would like to achieve. It is a direction that would guide us where we want to go and that is revitalizing the Subic Freeport,” SBMA Administrator Atty.Wilma Amy T. Eisma said.

The Agenda she said focuses on Locator Service Excellence, the Green Initiative, Safety and Security, Build, Build, Build, Subic Freeport as the Gateway, Community Engagement, Policy Reforms and Good Governance Program, FDIs and MSMEs, the Freeport Expansion, and Tourism Star.

Under the Locator Service Excellence, the SBMA will create a Non-Stop Shop which is a 24/7 on-line customer service and virtual complaint desk, and One-Stop Shop that would receive suggestions and complaints of the visiting public to Subic Bay thru Dial 888 Hotline or personal appearance.

Along with this, the SBMA is institutionalizing the Red Carpet Treatment to all locators and investors by implementing the Cut the Red Tape Project which will shorten to three days the releasing of certificates of registration and tax exemptions (CR/CRTE), building permit, Environmental Compliance Certificate, among others.

For the Green Initiative, this Administration will commence its improved climate change adaptation program thru broader coastal clean-up drives and tree planting activities and the use of renewable energy to mitigate any negative effect of the agency’s operations on the environment and, possibly, to secure ISO 14000 Certificate compliance before the end of the year.

SBMA will institutionalize safety programs across the Freeport by improving its safety and security capabilities in land, sea and forest with the acquisition of new equipment such as speed boats, motorcycles, patrol cars, as well as the prohibition of walk-in vendors and mendicants. These also include the establishment of security protocols, like using the SBMA website and the radio station, and the intensified campaign to make the Freeport drug-free area.

“The Agenda focuses on SBMA’s investment campaign to meet our vision of becoming a highly-urbanized Freeport in the near future. We must immediately start building and improving our facilities,” Eisma said.

The Administrator also said that under the national government’s “Build, Build, Build” program, agency’s engineering department will be able to finalize the feasibility study on Subic’s port development plan, Tipo Road expansion, bulk terminal expansion for PPP, improvement of access roads to Morong and surrounding municipalities, and the construction of SBMA’s corporate center that will house all of the agency’s offices and departments.

Meanwhile, Subic Freeport will be promoted as the Gateway to Southeast Asia and the world by intensifying marketing campaigns for its airport and seaport with the former reviving domestic and international flight operations, regaining status as an international airport and settling pending issues with CAAP; and the latter by introducing more competitive port-related tariffs and fees and promoting ship-to-ship business model to increase container traffic by at least five percent annually.
Complementing its infrastructure development programs, SBMA will step-up promotion the of high technology industries prioritizing research and development (R&D), creative, BPO and ICT while maintaining Japan, Taiwan, South Korea and USA as key sources of foreign direct investments (FDIs).

In the area of the Micro, Small, Medium Enterprises (MSMEs), the agency will push for the signing of an agreement with the Land Bank of the Philippines (LBP) and Department of Trade and Industry (DTI) to provide MSME-investors easy access to their respective investment–related programs. On top of this, SBMA will allocate a marketing budget to launch an aggressive marketing campaign to promote SBFZ, especially in the new frontiers like Russia and China.

Moreover, the SBMA will also drum beat its tourism industry thru Tourism Star programs by organizing an aggressive marketing campaign to promote Subic Bay as the next cruise ship playground, launching several landmark events such as hosting a one-week festival or conference featuring science and engineering design of modern world watercrafts to be dubbed Ultra High Speed Watercraft Festival, and Dragon Boat Festival, music fest, Christmas fest, grand Subic sale, and the like.

To address the shrinking available land for new investments, SBMA will identify areas for possible expansion outside the Freeport and sign a memorandum of understanding with local government units (LGU) as prescribed under the Presidential Proclamation 532 before a master plan will be developed.
For the Community Engagement, SBMA will develop capability building programs with indigenous peoples (IPs) and volunteers in the contiguous LGUs to increase competencies and generate more quality jobs; institutionalize an employment program for Subic Bay volunteers and an educational assistance plan in close coordination with TESDA and DOLE.

“The very important part of the Agenda is the policy reforms and good governance program the SBMA will be initiating that will guarantee the realization of all other initiatives in the agenda,” Eisma explained.

First under this agenda is the filing in Congress the amendment of RA 7227 which will seek to allocate for SBMA the use the one percent (1%) of the five percent (5%) gross income collected in the Subic Freeport; implementation of the moratorium on expansion of leased areas by locators engaged in trading of used trucks and construction equipment; expansion of the Integrity Pledge Program by including port users and other customers.

Also included are an intensified campaign against corruption, smuggling and illicit trade; improved incentive package of investors thru modernizing the Philippine Incentive Regime, and institutionalized programs under the “End Contractualization Initiative.” (RAV/MPD-SBMA)

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Subic Freeport, overall winner in Asia of Global Free Zones of the Year 2015 award

The Subic Bay Metropolitan Authority (SBMA) adds another feather to its cap of achievements in the management and administration of the country’s first free port.

After the agency’s record highs for three (3) consecutive years, SBMA chairman and administrator Roberto Garcia announced today that the Freeport garnered two (2) major awards in the recently concluded survey for the Global Free Zones of the Year 2015 awards: overall winner in Asia and overall winner in the sub-region of South and Southeast Asia.

The Subic Freeport also received commendations in the form of bespoke awards for infrastructure developments and reinvestment. “Some locations, which were particularly outstanding, were acknowledged with honorable mentions and bespoke awards,” Garcia explained.

According to Garcia, the publication received a total of 76 entries from all over the world, which were individually studied by a panel of judges who then nominated their winning and runner-up locations in each region.

“Emerging as overall winner in Asia, as well as in South and Southeast Asia, is a significant indicator of Subic Freeport’s level of competitiveness among other zones in the region,” Garcia said.

Garcia added that the awards also underscore the Freeport’s attractiveness and potential as an investment site and validates the strategies that the Subic agency has been undertaken to spur the zone toward further growth.

The survey was conducted by the fDi Magazine, an 11-year old bi-monthly publication of The Financial Times, Ltd. of London, to acknowledge the most promising free zones across the world. Invited to join were free zones, government entities, and investment promotion bodies, which were asked to complete a short survey, detailing their zone’s attractiveness, facilities, and incentives offered to investors.

Survey questions included growth performance measures for 2013 and 2014; what multinational companies have chosen to locate in the zone and why; which tenants have chosen to undertake recent expansion of their presence in the zone; and what initiatives have been implemented to offered in the last 12 months to increase tenant numbers, including any special incentives, programmes, or facilities catering specifically to small medium enterprises or start-ups.

Also asked were infrastructure developments or facilities upgrades in the last 12 months, as well as major development plans to facilitate future expansion.

Wrapping up, the SBMA chairman pointed out, “These awards also mean that we’re on the right track and doing the right thing, and exerting our best effort as a team”. (KMF/CorComm-SBMA)

PHOTO:

SBMA Chairman Roberto Garcia announces the “Global Free Zone of the Year” Award received by the Subic Bay Freeport Zone from fDi Magazine, a publication of the Financial Times of London. (AMD/MPD-SBMA)

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Philippines' total approved foreign investments down by 44.4 percent in Q3 2014

MANILA - Total foreign investments (FI) approved in the third quarter of 2014 by the seven investment promotion agencies (IPAs), namely: Board of Investments (BOI), Clark Development Corporation (CDC), Philippine Economic Zone Authority (PEZA), and Subic Bay Metropolitan Authority (SBMA) as well as the Authority of the Freeport Area of Bataan (AFAB), BOI-Autonomous Region of Muslim Mindanao (BOI-ARMM), and Cagayan Economic Zone Authority (CEZA) amounted to P18.3 billion, 44.4 percent lower than the P32.9 billion recorded in the same period last year.

Meanwhile, total approved FI for the first nine months of 2014 reached P91.8 billion, declining by 35.4 percent from the amount recorded last year at P142.1 billion.

The top three prospective investing countries during the quarter include the Netherlands, Japan, and the United States of America (USA). Netherlands topped the list, pledging P4.4 billion or 24.3 percent share, followed by Japan and USA, committing P3.7 billion and P2.8 billion, or 20.1 percent and 15.3 percent of the total approved FI, respectively.

Manufacturing industry contributed the largest amount of committed foreign investments in the third quarter of 2014, with investment pledges recorded at P8.8 billion or 48.0 percent of the total FI. Administrative and support service activities came in second, contributing 20.8 percent or P3.8 billion worth of investment commitments, followed by real estate activities, which accounted for 13.3 percent or P2.4 billion.

Approved investments of foreign and Filipino nationals reached P159.6 billion during the period, declining by 15.7 percent from last year’s P189.3 billion. Filipino nationals continued to dominate the investments approved during the quarter, sharing 88.5 percent or P141.3 billion worth of pledges.

Bulk of the investments are intended to finance activities in manufacturing, contributing P67.6 billion and with a share of 42.4 percent, followed by real estate activities at P31.4 billion or 19.7 percent share, and construction at P24.8 billion or 15.5 percent share.

Total projects of foreign and Filipino investors approved by the seven IPAs in the third quarter of 2014 are expected to generate 54,606 jobs, an increase of 38.9 percent from last year’s projected employment of 39,314 jobs in the same period. Out of these anticipated jobs, 74.3 percent would come from projects with foreign interest. (PIA) 

http://news.pia.gov.ph/article/view/2131418721159/total-approved-foreign-investments-down-by-44-4-percent-in-q3-2014-

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Chinese firm pledges P9-billion investment at Subic Freeport

A Chinese steel manufacturer has pledged P9 billion for an export-oriented business project here in the Subic Bay Freeport.

The Panhua Group Co. Ltd. will engage in the pre-painting of steel coils and metal sheets for export and domestic trade and other allied industries.

Subic Bay Metropolitan Authority (SBMA) Chairman Roberto V. Garcia said the SBMA board of directors approved Panhua’s proposal on its 258th board meeting in February 2014.

The Chinese firm is also engaged in shipping, real estate, mining, steel manufacturing and logistics business in China.

Garcia said the entry of Panhua in Subic attests to the growing attractiveness of the country to foreign investments.

“The Philippines is currently enjoying a BBB rating from Standard and Poor’s, which means that the country has adequate capacity to meet financial commitments,” Garcia noted.

He added that more foreign direct investments (FDIs) are pouring into the Philippines because it has earned the trust of investors after it received investment upgrades from different rating firms.

The Panhua Group is a large-scale conglomerate, manufacturer, exporter, and wholesale supplier of cold-rolled steel coil, cold-rolled steel sheet, galvanized steel coil, galvanized steel sheet, pre-painted galvanized steel coil, and pre-painted galvanized steel coil sheet.

With an annual steel production capacity of 1.5 metric tons, Panhua Group Co. Ltd. is listed among the 500 top private enterprises in China.

The firm’s main manufacturing bases, which have a registered capital of $100 million, are located in Zhangjiagang City and Fuling District, as well as Chongqing City in mainland China.

Company officials said its proposed Subic Bay Freeport operations are expected to augment its production, as it has pegged its export target at 42,000 metric tons per month to begin in the first quarter of 2016.

Panhua’s newly-approved project in Subic will be located at Subic Bay Gateway Park Phase 2 and will initially be manned by 100 employees. (RFD/MPD-SBMA)

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$96-M Filipino investments outpace FDI in Subic

Investment commitments put up by Filipino-owned locator-companies in this free port have so far eclipsed foreign direct investment (FDI) recorded here this year, marking the first time in recent years that locals outshone imports.

According to the Subic Bay Metropolitan Authority (SBMA), Filipino firms made it to the top of the chart by drowning out the competition with sheer numbers: a total of 139 investment projects that, taken all together, were worth about $96.22 million.
This translates to 57.74 percent of the $166.64 million total for investment projects approved by the SBMA board from January to November this year.

Korean firms, which held sway here since 2006 when shipbuilder Hanjin Heavy Industries Corp. plunked its initial $1-billion investment, slipped to the No. 2 position with only 26 investment projects worth a total of $55.86 million, or 33.52 percent.

This was less than a third of the $198.84 million (85.48 percent) committed by 46 Korean companies in 2008, the same year that 67 Filipino firms invested $10.09 million (4.33 percent).

The third slot among the biggest investors this year went to a Swiss-owned company, which put up a project worth $7 million or 4.2 percent; followed by six Taiwanese projects with a total worth of $2.86 million; and four Japanese projects with a total of $1.27 million.

SBMA Administrator Armand Arreza said that FDI generated in the Subic Bay Free Port in the last 11 months actually fell by more than 67 percent, when compared with the total posted in the same period last year.

Arreza said that FDI in the January-November 2008 period totaled $224.82 million. For the same period this year, it was only $73.82 million.

However, even as foreign investment dropped this year, Arreza noted that Filipino companies “more than made up for the slump” and carried the day for Subic’s investment performance.

“This is an encouraging sign,” Arreza said. “As far as we can tell, Subic is fast regaining its footing in terms of investment generation.”

For the last two months alone, investment pledges in Subic reached a total of $44.42 million, with a total of $23.1 million committed by 12 investor-companies in October, and a total of $21.32 million pledged by 22 other firms in November.

Arezza said that among the biggest investors in the two-month period is Filipino real-estate giant Ayala Land Inc., which pledged $21.4 million for the construction, development and operation of a retail and commercial center.

Seven other Filipino companies made it to the list of top 10 biggest investors this year. These are Tountzis Shipping Inc. with $20.23 million; Jadelink Subic Inc., $16.85 million; Pure Petroleum Corp., $6.22 million; Subic Business and Technology College, $4.29 million; Bonsure Evergreen International Corp., $2.21 million; Chifil International Import-Export Manufacturing Co. Inc., $1.41 million; and Eastern Subic Fuel Depot Corp., with $1.05 million.

The only foreign companies in the same list are Korean casino-resort developer Ocean Nine Philkor Inc., which pledged $52.38 million; and Swiss-owned Philip Morris Philippines Manufacturing Inc., with $7 million for its warehousing operation here.

The SBMA also said that the 163 projects it has approved this year are expected to create a total of 6,340 new jobs. The Subic free port has an active work force of 86,631 as of October 2009.

The agency added that as of November this year, there are a total of 1,310 approved investment projects in the Subic Bay Free-port Zone. These projects are worth a total of $5.918 billion in committed funds. (Henry Empeño, Business Mirror}

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