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SUBIC
BAY FREE PORT—Anchored by a $175-million golf resort
project that is by far the biggest to be approved in
this free port this year, foreign direct investments (FDIs)
in Subic by South Korean companies surged to a total of
46 projects worth some $199 million from January to
August.
The new
Korean investments are 85 percent of all the approved
projects this year and the biggest value among
investments by various nationalities here.
The
Koreans are followed by Filipino-owned firms that
contributed a total of $10 million for 67 projects.
Third and fourth, respectively, are Taiwanese and
Malaysian groups, each with three approved projects
worth $2.9 million and $2 million.
Subic
Bay Metropolitan Authority (SBMA) data showed FDIs
comprised the bulk of new investments in the first eight
months at a total of $208.85 million.
The
agency approved a total of 130 projects in the same
period, with projected employment of about 5,200.
The new
projects put the cumulative value of committed
investments in Subic at $5.73 billion, and the total
number of approved projects at 1,103.
SBMA
records also indicate that most of the biggest new
projects this year were proposed by Korean firms. The
biggest by far is that of Subic Neocove Corp., which
will build a golf resort and tourism facility at Subic’s
Redondo Peninsula, near the Hanjin shipyard.
Two
other Korean projects are in Subic’s top five as of
August—Hanil E&C Subic Inc., a construction venture with
committed investments of $11 million, and golf-course
developer Hanafil Golf & Tour Inc., with initial pledges
of $3 million.
SBMA
Administrator Armand Arreza said most of the new Korean
investors are either suppliers or subcontractors of
Hanjin Heavy Industries, aside from some property
developers eyeing to capitalize on the growing Korean
community not only in Subic, but also in other parts of
the country.
Prior to
the arrival of Hanjin and its $1-billion investment, the
Koreans were only the third-biggest investor group here,
with a total of $1.8 million in 2005. The bulk of new
investments that year was contributed by Filipino firms
with a total of $15.2 million, followed by Taiwanese
ventures worth $6.2 million.
Aside
from Koreans, other nationalities have also proposed
projects approved by the SBMA this year, including
Taiwanese and Japanese firms that are mostly into
manufacturing; and American, Malaysian, Pakistani,
Norwegian, Australian, British, Singaporean and Canadian
firms, whose exposures are mostly in tourism-related
ventures. |
