Foreign investors bullish on Subic
There are many facilities improvement projects now. There are road construction and repairs, drainage improvement, as well as capacity expansion of the Subic Expressway. These are all good for investors
The Subic Bay Development and Management Corporation (SBDMC) has spruced up its facilities and the Taiwanese, on the heels of the inauguration of the semi-conductor and electronics firm Yubantec last week, responded by locating their business enterprise at the premier freeport.
According to SBDMC chairman Dr. Chin Der Ou, the ongoing facilities improvement projects undertaken by the Subic Bay Metropolitan Authority (SBMA) portend of better business activities in Subic.
SBDMC manages the Subic Gateway Park that houses several Taiwanese companies at the Subic Bay Freeport Zone.
“There are many facilities improvement projects now. There are road construction and repairs, drainage improvement, as well as capacity expansion of the Subic Expressway. These are all good for investors,” Dr. Ou said at the Yubantec inauguration.
“I am confident that Yubantec will do well in such a favorable business environment,” he added.
Taipei Economic and Cultural Office (TECO) representative Michael Hsu, meanwhile, said more companies from Taiwan will locate in the Philippines, which he considers as Taiwan’s closest neighbor.
“I assure you, the Taiwanese are willing to come to the Philippines to invest. And we have to find enough land for our locators especially in Subic Bay,” he added.
Yubantec, the latest addition to the Subic Gateway park locators, will engage in importing, designing, installing and after-sales services of air-conditioners, cold storage equipment and home appliances, as well as design and sale of semi-conductors and electronic components.
SBMA chairman and administrator Wilma Eisma said the 61 Taiwanese firms in Subic at present comprise the third biggest number of foreign investors here. Most are engaged in manufacturing and trading.
Taiwanese firms were among the pioneer investors in the Subic Bay Freeport Zone as the Subic Gateway Park, formerly known as the Subic Bay Industrial Park, was the first industrial park to be established in Subic, she said
Built in 1994, the Taiwanese-owned industrial park is now home to global names like computer giant Wistron Infocomm (Phils.) Corp., air-con specialist Johnson Controls-Hitachi, lock-maker Tong Lung (Phils.) Metal Industry and footwear manufacturer Datian Subic Shoes Inc.
Eisma said the entry of more Taiwanese companies helps Subic sustain the momentum in investment and employment generation. The SBMA has approved 77 new projects in the first six months this year compared to only 45 in the first half of 2018.
The new investments, as well as the 21 expansion projects green-lighted in the first half, are projected to create more than 3,600 additional jobs at the Subic Bay Freeport.
Sen. Richard Gordon, who also graced the Yubantec opening, welcomed the entry of more Taiwanese investors here and pledged continued support to the SBMA.