17 investment deals worth P1.6B signed

Tag: Biscuit Processing Machinery Seventeen new foreign and local companies yesterday signed contracts committing fresh investments worth $40 million or about P1.64 billion within this special economic zone. Property developers, electronics manufacturers, a food processing equipment maker, metal fabricators and ship component builders were among those who have pledged to put in the money and hire workers. The new foreign direct investments generated by the Freeport zone include companies from the US, Korea, Japan, Taiwan and Europe, along with two local firms that had signed separate contracts with the Subic Bay Metropolitan Authority (SBMA). "The SBMA is mandated to create jobs by enticing more investors. We welcome the diversity of the new locators engaged in manufacturing, maritime services, property development and tourism-related businesses," said SBMA Administrator Armand Arreza. Yesterday's ceremonial mass contract signing was held at the Formosa Hall inside the administration building of the 300-hectare Subic Bay Industrial Park (SBIP). Mr. Arreza said the Subic Freeport remains attractive to both foreign direct investments and local companies and continues to be one of the top investment sites in the Asia-Pacific region. Subic Daesung Corp., a South Korean firm engaged in construction and operations of condominiums and hotels, restaurants and retail shops topped the list in terms of committed investments, at $15 million. Daesung Director Hong Yeul Kim said the company would also venture into English language education for Korean tourists, executives and their families. Filipino firm Subic Enerzone Corporation (SEZ), an Aboitiz-owned electric distribution utility managing the power distribution system of the Subic Bay Freeport Zone, will be venturing into property and leisure by developing condominiums and hotels. SEZ Vice-President and General Manager Dante Pollescas said the Enerzone has committed $10.4 million in investments. Another Filipino firm, Palm Gold International Ltd., will invest $1.9 million. It will import gambling equipment and operate slot machine arcades. Meanwhile, American CEI World Wide, Inc. has pledged $2.35 million and will build a refurbishing, repair and quality-testing plant for printers, copiers and fax machines. Grace Tioaquen, CIE operations manager, said the company would import and export, and transfer cargo for forwarding or reshipment. Another US company, Cook Group and Pacific Associates, Inc., will set up a youth camp, corporate team building and recreational facilities, security academy and retirement village at the Ilanin forest district with total investments worth $1.4 million. Meanwhile, HCM Marine Corp., a Korean firm, will manage, broker, repair and maintain vessels, committing $50,000. Three other Koreans firms - Spoint Corp., SubicKor Corp. and Builenc Phil. Co. Ltd - will provide support and contracting services to shipbuilding giant Hanjin Heavy Industry Corp. (Phil.) for the manufacture of ship components. The combined investments of the three firms will be $400,000. South Korea's Dong Yang Food Machinery (Phils), Inc. has also pledged $468,000 for the manufacture of biscuit machinery and parts, food processing and trading. Two Japanese manufacturers - E'OS Sutro Technology Subic and Rings- three, Inc. have committed $280,000 and $220,000 respectively. Both will manufacture and fabricate electronic parts and board assembly. Likewise, Rayshine Photonics (Phils.) Corp., a Taiwanese firm that designs and assembles LCDs (liquid crystal display), will invest $100,000. Other companies that pledged investments were sporting goods retailer Bike Boutique with $300,000; convention center operator Global Dongsan Philippines with $1.2 million; and restaurant and spa operators Buma Subic and PhilKor Utopia, with $37,500 each.