SBMA chair and administrator Wilma T. Eisma thanks investors during the
inauguration in October of the SBGP-FSI Commercial Complex, one of the biggest
investment projects in Subic this year. File photo/Malou Dungog
SUBIC BAY FREEPORT — The Subic Bay Metropolitan Authority persistently defied
the economic downturn brought about by the continuing Covid-19 pandemic this
year and registered a total of P16.67 billion in investments from January to
December.
This amount represented a 1,099 percent increase over the P1.39-billion
investment turnout approved by the Subic agency in 2020 and almost four times
the P4.38-billion investment forecast for this year, said SBMA chair and
administrator Wilma T. Eisma.
The new investments are also projected to generate close to 72,000 new jobs in
Subic, she said.
“We’re not yet there even with this P16.67-billion figure this year, but we are
definitely on our way to pre-pandemic investment levels,” Eisma enthused on
Monday.
The key, she said when asked how the SBMA attracted more investments despite
the pandemic, “is keeping Subic a safe haven for both business and leisure.”
“The people here—and that includes the workers and residents—have gotten
used to the strict implementation of safety protocols by the SBMA, and this is
apparently paying off,” Eisma added. “People are asking where does Subic’s
economic vibrancy come from, and the simple answer is that it comes from
keeping Subic safe for everybody.”
Figures from the SBMA Business and Investment Group indicated that 110 new
business locators registered in the Subic Freeport this year.
These included 82 companies wholly owned by Filipinos; five Sri Lankan and
Filipino partnerships; three Filipino-Chinese combines; two Dutch, American and
Filipino joint ventures; two Sri Lankan firms; two Taiwanese-Filipino companies;
an American enterprise; and 14 other projects between a Filipino and a foreign
partner.
The biggest investment project in 2021 was the P201.2-million watercraft
operation business proposed by Empress Maritime Subic, Inc., a British-Filipino
venture.
This was followed by a petroleum trading venture by Bicol Oil (International) &
Shipping Corp., a Filipino firm that pledged P179.3 million; Subic Spectron Energy
Trading Corp., another Filipino petroleum trading firm with P101.39 million;
MN3A Subic Trading Corp., a Filipino general trading firm with P80 million; and SBGP Food Services, Inc., a Taiwanese-Filipino trading and retailing business with
P74.6 million.
Completing the top 10 new investors are: Da Fu Yuan Corp., a Filipino-Taiwanese-
Chinese venture for real estate development with P57.28 million; Jung Fang Corp.,
a Taiwanese real estate firm with P38.44 million; Alquenes Petroleum Inc.,
Filipino, with P28.5 million; Vexio Corp., another Filipino petroleum trader, with
P25.97 million; and CGD Medical Depot Inc., a Filipino trader of medical supplies
and food products, with P19.7 million.
On the other hand, the biggest investment project in terms of employment is that
of Subic Supreme Industries, Inc., with projected 71,250 jobs.
This Filipino venture with committed investments of P15.5 million will develop
and operate the marshaling yard at the gateway area for mixed-use development
and services.
Eisma also said the success of Subic in generating more business commitments
was underpinned by a community effort to practice minimum safety protocols,
get vaccinated, and establish Covid-19 facilities like a testing center and RT-PCR
laboratory, and a 500-bed quarantine facility.
“Our readiness and capability to fight Covid also brought more business to Subic,”
Eisma said, pointing out that some sports and tourism events, as well as the crew-
change and OFW repatriation programs of the national government, were held
here under the bubble concept.
