Thursday, 5 March 2009

Subic bullish on hitting $7.5-B investment target by 2010Subic bullish on hitting $7.5-B investment target by 2010

BusinessWorld Online

SUBIC FREEPORT should be able to attract $7.5 billion in new investments by 2010, the Subic Bay Metropolitan Authority (SBMA) said in a statement yesterday.

The target, cumulative of investment commitments made since 1992, has been nearly accomplished, since pledges last year brought the total to $5.8 billion, SBMA said. For 2008 alone, investment pledges amounted to $249 million.

To achieve the 2010 target, SBMA Administrator and Chief Executive Officer Armand C. Arreza said improvements will have to be done in the freeport’s logistics, manufacturing, tourism and business process outsourcing sectors.

SBMA, he said, hopes to attract heavy port users by implementing automated import-export Customs procedures. For manufacturing, SBMA plans to develop industrial estates "along the Subic-Clark corridor." The agency also plans to expand the ecozone’s area towards Zambales and Bataan for more space for new locators.

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