Subic investment pledges reach 12.85 billion in H1

The Subic Bay Metropolitan Authority (SBMA) has approved 45 new investment projects worth a total of 12.85 billion from January to June this year, bringing the cumulative investment commitments here to 1499.6 billion.

SBMA Chairman and Administrator Wilma T. Eisma said the total investment pledges in the first semester of 2018 was 290 percent higher than the 1731 million generated in the same period last year.

The first semester projects are also expected to generate 2,439 new jobs in the Subic Bay Freeport Zone, she added.

“This is a significant harvest of business commitments and opportunities for Subic, and it only goes to show that this free port remains to be one of the strongest economic drivers in the country today,” Eisma said.

“It also goes to show that businesses continue to grow in Subic, because 13 business locators here have proposed expansion projects in the first 6 months,” she added. The expansion projects are worth a total of 1276 million and are projected to generate 286 new jobs.

According to Kenneth Rementilla, SBMA deputy administrator for business and investment, the biggest investment commitment the SBMA signed up in the first semester was made by Citic Hotels and Leisures Corporation, a brand that carries the world-renowned five-star hotel chain Wyndham Hotel.

The Citic proposal was worth 11.34 billion and will generate 2,000 new jobs.

The second biggest new project was proposed by Air Juan Aviation for the operation of air transportation services and charter passenger flights to various points in the country. The firm will invest 1671.47 million and hire 10 workers. (BCM)