SBMA signs P6.1B in new investment contracts

Subic Bay Freeport — The Subic Bay Metropolitan Authority (SBMA) recently signed investment contracts worth P6.1 billion with 14 new locators.

SBMA administrator and chief executive officer Armand C. Arreza said that the biggest investor among the new locators is KT Global Subic Inc., a Korean company that will develop, operate and manage a six-building complex of 17-storey condominiums.

“KT Global’s Ampelos Towers’ approved investment plan, including the company’s investments for four lots at Subic’s Commercial and Light Industrial Park, is worth P5.8 billion,” Arreza said.

The Ampelos Towers would feature the latest in building technology and state-of-the-art living. The company had initially committed $3 million to build the first of the six proposed towers and finish within the next three years.

“The improvement in our business climate here only proves that Subic remains a very attractive investment center,” Arreza added.

The second biggest approved investment is the P98.25-million project of Pacific Pearl Airways, a 100-percent Filipino owned company which will provide both international and domestic flights.

The third biggest new approved investment is another Korean entity, A & S Subic Inc., which shall put up a commercial facility and hotel worth P34 million. Other firms which were recently approved by the SBMA are: Borough Medical Care Institute, DHL Express Corp., Naomi Power-up Industries, Stone International, Val and Pipe Subic Corp., and Subic Bay Consortium.

A total of seven Korean firms committed investments totaling about $133 million namely: KT Global, A & S Subic Inc., Hiwell Korea Palace, Enterwin Suib, Subic Bay Arirang Entertainment Ltd., JNB Tech International Phils., and Ye Jin W Inc.

The Korean firms will be engaged in the construction, operation and management of hotels, restaurants, cocktail lounges, health spas and KTV bars to cater to the needs of the rising number of Korean investors.