SUBIC BAY FREEPORT—Total investments in the Subic Bay Freeport Zone now stand at $5.43 billion after 164 new business locators committed $1.668 billion worth of investment projects last year.

Subic Bay Metropolitan Authority (SBMA) Administrator Armand Arreza said on Tuesday the 2007 investment record was equivalent to a 17-percent increase over the $1.42- billion total in 2006, and boosted the free port’s accumulated investments by 44 percent.

The new investments, Arreza said, represented “a growing line of business opportunities that investors now find in Subic.”

“This, in turn, is reflective of the SBMA’s thrust to focus on the maritime industry as a core business, and in the continuing program to attract investors in logistics and tourism,” he added.

As in 2006, the biggest chunk of investment last year was committed by Hanjin Heavy Industries and Construction Co. (HHIC-Phil), which poured in $684 million on top of its original $1-billion investment in 2006.

The next biggest project was that of Redondo Peninsula Energy Inc. a joint Taiwanese-Filipino venture, which committed $431.6 million for a coal-fired thermal-power plant to be located at the Redondo Peninsula here, a short distance from the Hanjin shipyard.

The other top investors in 2007 are ABG Shipyard Inc., an Indian company that will engage in shipbuilding and repair with a capitalization of $100 million; Kyung An Co. Ltd. (Korean), with $80 million for a casino and hotel project; Paradise Consulting & Development Corp. (Korean), with $36.7 million for a condominium-type hotel and related leisure facilities; and Wide Tree Leisure and Development Corp. (Korean), with $12 million for a hotel and restaurant business.

Arreza said the Subic Bay Freeport has been taking “big strides” in terms of investment generation as the agency again breached the $1-billion level the other year.

In contrast, a generally flat investment performance was recorded since 2001 before Arreza and SBMA Chairman Feliciano Salonga took over the SBMA helm in September 2005.

According to the SBMA Market Research and Planning Department (MRPD), which put out a summary report on Subic’s economic performance last year, year-on-year investments in Subic stood at $2.12 billion in 2001, but fell to $82 million the following year. 

This further dipped to $41 million in 2003, $64 million in 2004, and $28 million in 2005.

The SBMA, however, recorded a banner year in 2006 and became the country’s top investment-promotion agency when it signed in Hanjin.

The SBMA MRPD also said the active work force in the free port totaled 74,181 by the end of 2007, an increase of 17 percent over the 2006 record of 63,485.

Of this total, 31.37 percent are employed by the services sector, 20.78 percent by construction firms, 17.94 percent by manufacturers, and 2.07 percent by private households.

Total revenue collections in Subic, meanwhile, increased by 38 percent last year, from P4.45 billion in 2006 to P5.32 billion in 2007.

The 2007 revenue is composed of a P1.35-billion collection by the Bureau of Internal Revenue, and a P3.97-billion cash collection by the Bureau of Customs.

DAVAO CITY—The National Transmission Corp. (Transco) here believes that the completion of the P3-billion transmission project connecting Maramag in Bukidnon to Bunawan in Davao City will ease the anxiety of a supposed power crisis in this southern Philippine island in a couple of years.

THE Department of Agriculture (DA) is set to undertake a survey of irrigated lands that were converted into nonagricultural uses all over the Philippines.

ZAMBOANGA CITY—Undersecretary Virgilio Leyretana, Mindanao Economic Development Council (Medco) chairman, announced that the completion of infrastructure development projects under the Mindanao Super Region is underway.

CEBU CITY—The Port of Cebu is confident the volume of imports would pick up in 2008 to compensate for the declining value of the dollar and the stoppage of operations of one of its biggest importer in late 2007.

LEGAZPI CITY—The government will jump-start and complete this year mobilization activities for the rehabilitation program of the Bicol River Basin (BRB) as it awaits approval by the World Bank (WB) of the proposed P3.3-billion funding assistance.

SUBIC BAY FREEPORT—Total investments in the Subic Bay Freeport Zone now stand at $5.43 billion after 164 new business locators committed $1.668 billion worth of investment projects last year.