SUBIC BAY FREEPORT—New investment commitments approved by the Subic Bay Metropolitan Authority (SBMA) in the third quarter of this year reached P16.2 billion, as Subic made a comeback as a preferred business destination following the easing of Covid-19 restrictions here.
A total of 40 companies that registered their businesses from July to September pledged a total of P16.15 billion, while three existing locators committed a total of P49.44 million for their expansion projects to bring the overall investment haul to P16.2 billion, said SBMA Chairman and Administrator Wilma T. Eisma.
Most of the new investments made were under the leisure sector with a total of 15 projects, while general business followed with 13, logistics with 11, and information and communications technology with one. All the expansion projects, meanwhile, were under the manufacturing sector.
Eisma said the new investments are projected to generate a total of 71,522 new jobs in the Subic Freeport, while the expansion projects will bring in additional employment of 1,200.
SBMA records showed that 40 projects were approved in the third quarter of 2021 represented a 233- percent increase over the 12 new proposals in the same period last year. In terms of new jobs, the variance showed thousands-fold increase over the 163 posted in 2020.
SBMA Senior Deputy Administrator for Business Renato Lee III said the biggest investment proposals came from Subic Supreme Industries Inc., which committed P15.5 billion for a leisure project; Empress Maritime Subic Inc., with P201.2 million for another leisure project; Bicol Oil (International) & Shipping Corp., with P179.3 million in logistics; SBGP Food Services Inc. with P74.62 million in leisure; and Da Fu Yuan Corp. with P57.28 million in general business.
Subic Supreme also topped the employment department with 71,250 projected jobs.
Meanwhile, among the three expansion proposals made in the third quarter, the P37.45-million project by Philippine Easepal Technology Ltd. was the biggest. Easepal, which manufactures sports and leisure articles and apparel, also committed to hire 810 more workers for its expansion.
Lee also said in the third quarter report of the SBMA Business and Investment Group that at least 18 new projects, including co-location agreements with the country’s three leading telecommunications players, are under consideration by the Subic agency.
He said SBMA is also reviewing and amending business processes, including the omnibus policy on the imposition of performance bond, to further reduce the period for processing and issuance of business permits and ensure efficient monitoring of development commitments by business locators here.
Eisma said on Friday that the continuing health crisis may have initially caused the closure of some companies in Subic, “but we’re definitely making a comeback as a preferred investment destination.”
“Aside from sound economic policies that gave investors much-needed support and respite during the pandemic, Subic’s superb safety record, which is due to the cooperation of stakeholders in observing health measures, also played an important part in gaining the trust of new investors,” she added.
Eisma pointed out the SBMA has been a favored destination for “bubble events” like business conferences, sports tournaments, and stay-cations at the height of the Covid-19 pandemic, as well as a hub for international crew change and the repatriation of overseas Filipino workers.