Manila: The Subic Bay Metropolitan Authority reported an 85% drop in committed investments in 2008 to $249m from $1.7bn in 2007, writes Philippine Daily Inquirer. Data from the SBMA Business Group showed the number of approved projects locating in Subic Freeport grew by 6% last year to 185 from 175 the year before, but the investments involved were significantly lower than year-ago levels. Investments approved in Subic reached an all-time high of $1.71bn in 2007. In 2006, SBMA-approved projects amounted to $1.44bn.
SBMA administrator Armand Arreza said Subic was still in a good position as an investment destination despite the huge drop in the investment value in 2008.
"Subic continued to attract big-ticket projects, while remaining one of the biggest employers in Central Luzon," Arreza said in a statement.
The projects approved in 2008 were mostly in the tourism, manufacturing and services sectors. The biggest is that of Korean-led consortium Subic Neocove Corp., worth $175m, involving the construction of a high-end leisure facility in Subic's Cawag area, near the Hanjin shipyard.
Foreign investments account for 90.74% of the total, with the bulk committed by Korean firms-61 projects worth $201.8m. [27/01/09]
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