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SBMA to see $87.6 investment in freeport

SBMA to see $87.6 investment in freeport

Manila: The Subic Bay Metropolitan Authority (SBMA) has inked contracts with 34 local companies to generate total investment of $87.63m for development of the free port, writes PNA.

SBMA Chairman Feliciano Salonga and Administrator Armand Arreza, who signed the new business contracts at the Subic Bay Gateway Park here, said the fresh capital infusions were for 28 new projects and four expansion programs.

"This is a very challenging time that we face, but despite negative news in the financial market, the SBMA continues to be optimistic as it continues to make the entire Subic Freeport more competitive," Arreza said.

"By continuously upgrading our facilities and infrastructure, which are very critical in the growth of every business, we make Subic a better and more effective investment haven," he added.  [23/12/08]