SBMA approves P14 B new investors’ projects in 2022

A total of 133 new investors with committed investments of P14.063 billion have been approved by the Subic Bay Metropolitan Authority (SBMA) in 2022.

A report by the SBMA Business and Investment Group showed the 133 new investors are also expected to employ 1,874 workers. Comparatively, there were only 115 new investors registered by SBMA in 2021.

SBMA said the new investors were part of the P36.344 billion committed total investments in 2022, a huge 6,040 percent jump from the P591.914 million reported in 2021.

The report showed that the growth in investments in 2022 was largely driven by expansion projects. The freeport approved 38 expansion projects worth P22 billion in 2022, higher than the 24 in 2021. These expansion projects are expected to hire 2,832 additional workers.

The biggest committed investment was the P14.522 billion expansion project of Vectrus Subic Corp. This was followed by Agila South Inc. with ₱10.737 billion; Agila NY Naval Inc. with ₱6.283 billion; and Nidec Subic Philippines Corporation with P4.2 billion.

SBMA Chairman and Administrator Rolen C. Paulino cited the new investments as manifestation of investor confidence in the Subic Bay Freeport Zone as better attractive location for foreign and local investments.

Another big investment is the P7 billion project of Northern Palawan Power Generation Corporation, which will locate at Cawag, Redondo Peninsula. The company is engaged in real estate development for power generation and other energy sources.

Other investments are UNCO United Oil and Gas Philippines with ₱1.948 billion and Tawi Tawian Petroleum Trading Corporation with ₱1.500 billion. Both companies are engaged in petroleum importation and trading.

If you like this article, share it on social media by clicking any of the icons below.

Or in case you haven’t subscribed yet to our newsletter, please click SUBSCRIBE so you won’t miss the daily real estate news updates delivered right to your Inbox.

The article was originally published in Manila Bulletin and written by Bernie Cahiles-Magkilat.