Olongapo SubicBay BatangGapo Newscenter

Thursday, March 24, 2005

China to invest $300M in Subic glass factory

China's leading glass manufacturing company plans to nvest $300 million at the freeport, officials of the Subic Bay Metropolitan Authority (SBMA) said on Monday.

SBMA Administrator Alfredo Antonio said Wang Changlin, president of Hebei Jingniu, a major glass company in China, has considered plans to put up his firm's glass factory at the Subic Gateway District.

"After conducting ocular inspections in several areas recommended by the SBMA investment and processing department, we have finally chosen a very suitable plant site," Wang said during a recent meeting with Antonio and SBMA Chair Francisco Licuanan III.

Licuanan said the SBMA has also invited other Chinese investors to come and nvest in Subic.

"We are very, very interested in inviting you to Subic. You are assured that the SBMA will give you the support you need to fast-track the processing of your company's requirements," Licuanan told the visiting Chinese investors.

The investment amount is the biggest made by a Chinese firm to date since President Gloria Macapagal-Arroyo's visit to China last year.

The Chinese investors said they were determined to invest in Subic because of its strategic location for transshipment and effective security system.

The plant will need at least 100 hectares of industrial flat land to accommodate the production plant for products such as rolling crystallite glass and coated online float glass that are exported to more than 50 countries in Asia, Europe, the United States and Africa.

"We produce high technology crystallite glasses that are seven to eight times more wear-resistant than alloy steel and 10 to 25 times corrosion-resistant than stainless steel. That is why they are very suitable to use as industry and building materials," Wang said.

The company's other products include float sheet glass and solar control reflective glasses.

Wang was accompanied by senior Jingniu executives and George Judan, Philippine trade representative to Shanghai.

During the construction period, the project will hire more than 3,000 workers. Upon completion, the company will employ 2,000 workers and 1,000 administrative employees, SBMA officials said.


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