Subic (SBMA) welcomes P1.6 billion in fresh investments
Quezon City - Dec 30, 2005
SBMA (Subic Bay Metropolitan Authority) expects fresh new investments before the year end as the Asian business community commits to invest P1.6 Billion on new projects and expansion programs.
"The fresh capital infusions in Subic would be a big step in realizing President Arroyo's 10-point economic agenda, which includes the development of Subic as a trade and services hub for the Southeast Asian region," SBMA Chairman Feliciano Salonga said.
Among the new investors which signed contracts with the SBMA are:
Asia E-Solutions Inc. - P5.4 million for a business outsourcing operation
Chancor's Corp., a Korean firm - P3.8 million for restaurant and retail foodshop
Harvadis Educational Foundation Phils. Inc. - P1.8 million for an English language learning center
JP Material Recycle Co. Inc. - P1 million to operate a recyling plant for polyethylene terephtalate bottles and mixed plastics
La Jolla Subic Inc. - P761,000 to operate a seafood restaurant and catering service
Subic Cosco Corp. - P33.8 million for a hotel and restaurant business
Five new Taiwanese locators recently committed a total of P432 million worth of fresh investments during the visit to Subic of Taiwan's Economic Minister Mei-Yueh Ho.
Meanwhile, six existing locators in Subic have announced their plans for expansion next year.
Koryo Subic Inc., manufacturer of high precision plastic molding for electronics products, recently signed an amendment to its contract to extend its lease until the year 2025. Koryo's expansion program will entail additional investments worth P607.5 million and will allow the hiring of 524 more skilled workers.
At the same time, five existing Taiwanese locators also said they will expand operations next year. They are:
Tailin Abrasives Corp., a manufacturer of resinoid grinding wheels will infuse an additional P162 million
Hwa Fuh Plastic Co. Ltd., an office stationery maker, is expected to pour in additional investments of P162 million
Limech Garments Manufactruing Corp. will bring in fresh investments of P108 million
Hokei Subic Corp., which makes luggage carts, will add P140.4 million in new investments, and
Elltong Subic Inc., an importer and exporter of used office machines, has an expansion project worth P9.1 million.
