SUBIC BAY FREEPORT—With 123 new investors signing up from January to September this year, the Subic Bay Metropolitan Authority (SBMA) said it has chalked up a total of $1.45 billion in fresh investment commitments by the third quarter—topping by close to $30 million the total infusions recorded in 2006.

The commitments in the past nine months also spiked Subic’s total cumulative investments to $5.22 billion, or 28 percent higher than the 2006 cumulative record of $3.76 billion, SBMA administrator Armand Arreza said on Tuesday.

“With a full quarter to go, we’ve already hit the $1.45-billion mark, which is almost a $30-million increase over last year’s total of $1.425 billion,” Arreza said.

“It appears that we’re going to have another banner year this 2007,” added Arreza, who had pushed for an unprecedented P1-billion annual investment target for Subic in the next five years.

The SBMA said Hanjin Heavy Industries and Construction Corp.-Philippines, which delivered in 2006 Subic’s first $1-billion solo investment, also made the biggest infusion this year when it plunked in an additional $684 million for its Subic shipyard project.

Another Korean investor, KT Global Subic Inc., signed up in July for a high-rise complex worth $127 million, the SBMA said.

Meanwhile, 26 new investment projects were approved by the SBMA board in September, including a $1-million real-estate development project, according to the SBMA Market Research and Planning Department (MRPD).

MRPD manager Raymund Siongco said the new projects are worth a total of $4.5 million and would generate more than 600 new jobs.

The two biggest projects approved in September are those of Millenium Properties, which committed $1 million to develop and operate a hotel and restaurant complex, and Sungdo Steel Services Inc., with a $710,000 fund for a venture in construction and repair works, as well as import and export.

Incidentally, Millenium Properties, Sungdo Steel and seven other firms in September’s top 10 biggest list are owned by Korean investors.

The third biggest projects, both at $300,000, are to be put up by FGD Subic Inc., a Taiwanese-Filipino firm that will engage in a recycling business, and Triyong Jade Resources Corp., a Filipino-Korean venture in marketing.

The only Filipino firm in the September batch, Biglift Intl. Inc., has the fifth-biggest investment, at $250,000.

The SBMA-MRPD also reported that as of the third quarter, the Subic Bay Freeport Zone has a total active work force of 70,179, a slight drop from the 70,408 total recorded in August.

The drop, it added, was due to a decrease in worker deployment by port contractors who had recently completed their projects in Subic.

Most of the workers in Subic are employed by the services sector, which accounts for 81 percent, followed by those in the construction sector, 12 percent, and manufacturing, 7 percent.

Following the rising trend in investment commitments, the number of active work force in Subic also rose steadily over the years: from 19,969 in 1999 to 30,139 in 2000; 45,742 in 2001; 48,874 in 2002; 51,486 in 2003; 55,875 in 2004; 59,764 in 2005; and 63,485 in 2006.

The SBMA said that 43 percent of the current work force comes from Olongapo City; 22 percent from Zambales; 14 percent from Bataan; 6 percent from the National Capital Region; 3 percent from Pampanga; and 12 percent from other areas.

Arreza said SBMA’s aggressive business-promotion strategy has fueled the steady rise in investments and employment generated in Subic over the past two years.

SUBIC BAY FREEPORT—With 123 new investors signing up from January to September this year, the Subic Bay Metropolitan Authority (SBMA) said it has chalked up a total of $1.45 billion in fresh investment commitments by the third quarter—topping by close to $30 million the total infusions recorded in 2006.

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