New SBMA investments reach P111.5 B in Jan-Sept

Subic Bay Freeport, Philippines – The Subic Bay Metropolitan Authority (SBMA) has approved P111.5 billion in new investments in the first nine months of the year.

These new investments are expected to create more than 55,000 new jobs.

“With P111.5 billion approved investments and more than 55,000 new jobs to be generated, the SBMA is geared towards creating better business climate and providing quality customer service to all stakeholders,”  SBMA administrator and CEO Randy Escolango told The STAR.

Escolango highlighted the SBMA’s financial performance and contribution to the national economy as he cited the important role of Subic Freeport in the thrust of the national government in inclusive growth by generating business opportunities and creating jobs.

He added SBMA would always be a strong partner of the Subic Clark Economic Corridor and would continue to build a strong alliance with the other council partners in pursuit of nation-building and inclusive growth.

Escolango also cited the role of the Subic Clark Alliance for Development Council (SCAD), which is to rationalize resources and strategies that will ensure an integrated and coordinated approach to the development of the Subic-Clark Corridor and to harmonize policies, rules and regulations, systems and procedures in Subic and Clark in close consultation with all stakeholders.

SCAD is a catalyst in the development of the Subic-Clark area by intensifying investments promotion to attract investors who are willing to set up industrial estates along the Subic-Clark Corridor.

Escolango believes increased economic activity in the Subic-Clark Corridor and the maximized use of Subic Port, the SCTEX and the Clark International Airport will contribute to the growth of Central Luzon.