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Subic Bay Metropolitan Authority approved P32.98 billion in foreign direct investments in the second quarter of 2022, a 160,792% leap from P20.5 million in 2021
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SBMA says the new FDIs accounted for 71.34% of the total P46.23 billion approved by all nine investment promotion agencies in the country during the second quarter
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The biggest FDI worth a whopping P14.5 billion came from Vectrus Subic Corp. while the next biggest was a P10.73 billion from Agila South Inc.
Subic Bay Metropolitan Authority (SBMA) approved P32.98 billion in foreign direct investments (FDIs) in Subic Bay Freeport Zone (SBFZ) in the second quarter of 2022, a spectacular 160,792% leap from P20.5 million a year ago.
SBMA in a statement said the latest figure accounted for 71.34% of the total P46.23 billion approved FDIs by all nine investment promotion agencies in the country during the second quarter. Moreover, the approved FDIs were 30,205.9% higher than the P108.83 million approved in the first quarter.
SBMA chairman and administrator Rolen C. Paulino attributed the huge increase in approved FDIs in the second quarter to aggressive efforts of the SBMA business group in attracting investors.
He said this was also partly due to the implementation of the “Fast, Friendly, and Flexible” brand of service to SBMA’s stakeholders to help in the economic recovery from the pandemic.
“We want companies to invest inside the Subic Bay Freeport Zone, and to do so, we want them to have a friendlier atmosphere while providing flexible terms for them in a fast and efficient way,” he said.
Renato Lee III, SBMA senior deputy administrator for business and investment, said the biggest FDI was a whopping P14.5 billion from Vectrus Subic Corp. (formerly Vector Services Philippines Corp.).
This was followed by Agila South Inc.’s investment of P10.73 billion; Agila NY Naval Inc.’s approved investment of P6.28 billion; and Agila Subic TC Inc.’s P313.13 million FDI.
Agila NY Naval Inc./Agila South Inc., together with US-based private equity firm Cerberus Capital Management, is taking over the former Hanjin shipyard in the Redondo Peninsula in Subic.
SBMA earlier said Vectrus, a global service solutions provider to the US government and across the world, will be occupying most of the shipbuilding area of the facility.
Lee said that Agila would be utilizing the Redondo Peninsula area as an industrial park for ship repair companies.
As for Vectrus, which engages in general logistics services and service exports, would be subleasing the area currently leased by Agila at the former Hanjin shipyard facility.
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