SBMA approved 44 new projects worth $20 million
Posted on November 11th, 2009
A total of 44 new investment projects in Subic worth $20.45 million has been approved by the Subic Bay Metropolitan Authority (SBMA). The news was announced by SBMA administrator and chief executive officer Armand Arreza.
Arreza said the new batch of approved investments “signify the unfailing determination of the SBMA to generate more investments and create more jobs despite the global economic slowdowns.”
“To a great extent, the SBMA has been successful in sustaining the developmental momentum of the Subic Bay Freeport amid an unpredictable and unstable global economy.” He added, “We hope the entry of new investments would lead to a more robust business climate at the end of 2009, and at the start of the coming year.”
The 24 firms from the investments submitted their project proposals last totaling $12.95 million, according to the SBMA records. The 20 other projects later followed with projected investments of $7.5 million, which were also projected to create a total of 765 jobs.
The biggest projects among the latest lot came from Pure Petroleum Corp. It has $6.22-million projected investment for its business of importation, selling, storage and transshipment of petroleum products.
The Subic Business and Technology College Inc. come in at second in terms investment commitment. The company committed to put up $4.29 million for a learning center. It will be building a school which shall offer short term technical and vocational courses, as well as professional and tertiary degree courses in various disciplines.
Bonsure Evergreen International Corp. is third in investment size for its $2.21-million food manufacturing business. Chifil International Import-Export Manufacturing Co., Inc. with investment of $1.41 million is fourth, for its cigarette manufacturing, packaging, warehousing and transshipment. And completing the top investors is Petron Corp., with $1.02 million for the establishment of a gas station in the Subic Bay Freeport zone.
