SBMA approves $14.4 M new investments

SUBIC BAY Freeport, Philippines – The Subic Bay Metropolitan Authority (SBMA) on Wednesday approved 43 new contracts worth around $14.4 million (P720 million).

“SBMA is on its way to another record-breaking year in terms of investment generation,” SBMA OIC administrator Randy Escolango said during a contract-signing ceremony held at the Subic Bay Exhibition and Convention Center.

Escolango said since 2012, SBMA has sustained record revenue collections that saw its rise from a bleeding agency to a top contributor to the national coffers among government owned & controlled corporations (OGCC), with accumulated funds of some P4 billion in the bank.The new contracts and renewals involved 12 projects under the general business and investment department, two for information and communications technology, 18 for leisure, seven for logistics and another two for manufacturing and maritime.

The new investments, Escolango said, manifest the continuing confidence of the investor community in the Subic Bay Freeport, pointing out the SBMA has already approved a total of P111.5 billion worth of investments from January to September this year.

“With a seven percent growth in the country’s gross domestic product (GDP) forecast for next year, and with Central Luzon contributing about 10-12 percent of the GDP, it cannot be denied that the Subic Bay Freeport Zone contributes significantly to national economic growth,” Escolango said.

According to Ronnie Yambao, OIC deputy administrator for the SBMA Business Group, the projected investments to be generated under the 43 new contracts would reach $14.4 million. This is on top of the $728.6 million initially committed by these firms in this freeport.

Leading the list of companies with significant committed investments are Broadband Broadcast Services with P220 million for a cable and pay television services venture that will employ 88 personnel; and Autokid Subic Trading Corp., which has set aside P25 million for a project that will employ 25 workers.

Meanwhile, companies with substantial commitments for expansion projects include Subic Horizon Hotel, which has alloted P60 million for additional hotel facilities, Royal Duty Free Shops, which is spending P50 million for the renovation of its main store in the freeport and GigaMare Inc. with $204,500 worth of additional investments for its maritime training facility here.