Subic investments up 7% in first two months
By:Elaine Ruzul S. Ramos - Manila Standard Today
Subic Bay Metropolitan Authority approved 30 new projects with combined investments of $12.3 million in the first two months of the year , up 7 percent year-on-year.
The agency’s administrator and chief executive Armand Arreza said he was “highly optimistic” the higher investments generated in the first two months of the year would set the pace for the rest of the year.
“Given this growing investment trend that started two years ago, when Subic breached the $1-billion year-end total, chances are we’d get a higher investment output for the third succeeding year,” said Arreza in a statement.
The SBMA recorded $1.67 billion worth of investments in 2007 and $1.42 billion in 2006, bringing Subic’s cumulative investment pledges to $5.43 billion since Arreza took over as administrator.
Arreza said the authority’s board gave the green light to 10 new projects worth $6.2 million in January, and to 20 other investment proposals worth $6.1 million the following month.
The new investments are expected to bring to 961 the total number of registered investors in the Freeport.
Hanafil Golf & Tour Inc. of South Korea committed the biggest investment at $3 million. It will establish and operate golf, tour and other related recreational facilities. It plans to hire as many as 1,495 workers upon full commercial operations.
Palmgold Int’l Ltd. of Malaysia committed $1.9 million to import gaming equipment and operate slot machine arcade, while Grand Pillar International Development Inc. will invest $1.9 million to acquire and improve real estate properties within Subic Bay.
The other new investor-firms include local Janburlai Corp. and M. Waseem International Corp. of Pakistan, which both pledged $800,000.
Subic Bay Metropolitan Authority approved 30 new projects with combined investments of $12.3 million in the first two months of the year , up 7 percent year-on-year.
The agency’s administrator and chief executive Armand Arreza said he was “highly optimistic” the higher investments generated in the first two months of the year would set the pace for the rest of the year.
“Given this growing investment trend that started two years ago, when Subic breached the $1-billion year-end total, chances are we’d get a higher investment output for the third succeeding year,” said Arreza in a statement.
The SBMA recorded $1.67 billion worth of investments in 2007 and $1.42 billion in 2006, bringing Subic’s cumulative investment pledges to $5.43 billion since Arreza took over as administrator.
Arreza said the authority’s board gave the green light to 10 new projects worth $6.2 million in January, and to 20 other investment proposals worth $6.1 million the following month.
The new investments are expected to bring to 961 the total number of registered investors in the Freeport.
Hanafil Golf & Tour Inc. of South Korea committed the biggest investment at $3 million. It will establish and operate golf, tour and other related recreational facilities. It plans to hire as many as 1,495 workers upon full commercial operations.
Palmgold Int’l Ltd. of Malaysia committed $1.9 million to import gaming equipment and operate slot machine arcade, while Grand Pillar International Development Inc. will invest $1.9 million to acquire and improve real estate properties within Subic Bay.
The other new investor-firms include local Janburlai Corp. and M. Waseem International Corp. of Pakistan, which both pledged $800,000.
Labels: arreza, investment, sbma
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