More investors flock to Subic Freeport
By BERNIE CAHILES–MAGKILAT, Manila Bulletin
At least 12 companies with combined investments of $ 28.177 million, approximately P1.4 billion, have lined up for approvals by the Subic Bay Metropolitan Authority (SBMA).
SBMA administrator Armand C. Arreza said the ceremonial contract signing for the lease agreements of the 12 companies, comprised mostly of Chinese firms, are scheduled on Thursday this week.
Under the law, locators are allowed to a 50-year-lease period on land plus 25-year extension for a total maximum of 75-year lease period.
Among the 12 companies, the biggest project is the $ 12 million garment venture of Yienson Manufacturing Corporation represented by its president Chou Fang Kuen.
Yienson has proposed to manufacture, import and export of semi-finished and finished garments. The project is expected to employ at least 1,000 individuals.
Another big project is Inyoung-Philippines Inc. for its $ 10 million for the manufacture, fabrication, construction and trading of steel industries for the project of HHIC-Phil Inc. in Redondo Peninsula.
The Korean project, with its president Young Hun Kim, is going to employ 200 workers.
Also for contract signing are $ 1.74 million Gigatek Subic Bay Inc. as manufacturer and trader of electronics, communication and computer related products or devices, plastic injection and other related products.
The company is being represented by its vice president Moses Huang. Once fully operational, the project would generate 324 workers.
Also scheduled for signing next week is the Subic Executive Lofts Condominium Corp., which is developing and operating condotels, restaurants, gymnasium in the central business district in the Subic Freeport.
This Filipino group is represented is by its chairman Eduardo Francisco. Once operational, the project would hire 15 employes.
Taiwanese-owned Coin Chemical Subic Inc. is also coming into Subic to engage in the manufacture and trading of goods such as paints, lithium-ion battery, bio-cosmetics, highend shoes, electronic unit assemblies and other related products.
With a committed investment of $ 870,000, the company expects to hire 31 people. It is represented by its president Chadwick Wu. The company, however, has hired Benney Lee as its local CEO to handle its Subic operations.
Other projects scheduled for approval next week include Asiapro Cooperative, Century Peak Corporation, Interisland Resorts and Services Inc., Mango Valley Corp., Shengkai Corp., Sibic Amino Hightech Corp., and Winstar Subic Display Corp.
Its Freeport status and convenience to undertake trading operations have attracted foreign firms to locate in the former U.S. military naval facility.
The Freeport is also a self-contained facility that affords convenient and pleasurable stay for expats.
Since it is a Freeport, good imported and exported are mostly tax-free unless the products are brought outside of the Freeport customs territories and into the domestic Philippine market.
At least 12 companies with combined investments of $ 28.177 million, approximately P1.4 billion, have lined up for approvals by the Subic Bay Metropolitan Authority (SBMA).
SBMA administrator Armand C. Arreza said the ceremonial contract signing for the lease agreements of the 12 companies, comprised mostly of Chinese firms, are scheduled on Thursday this week.
Under the law, locators are allowed to a 50-year-lease period on land plus 25-year extension for a total maximum of 75-year lease period.
Among the 12 companies, the biggest project is the $ 12 million garment venture of Yienson Manufacturing Corporation represented by its president Chou Fang Kuen.
Yienson has proposed to manufacture, import and export of semi-finished and finished garments. The project is expected to employ at least 1,000 individuals.
Another big project is Inyoung-Philippines Inc. for its $ 10 million for the manufacture, fabrication, construction and trading of steel industries for the project of HHIC-Phil Inc. in Redondo Peninsula.
The Korean project, with its president Young Hun Kim, is going to employ 200 workers.
Also for contract signing are $ 1.74 million Gigatek Subic Bay Inc. as manufacturer and trader of electronics, communication and computer related products or devices, plastic injection and other related products.
The company is being represented by its vice president Moses Huang. Once fully operational, the project would generate 324 workers.
Also scheduled for signing next week is the Subic Executive Lofts Condominium Corp., which is developing and operating condotels, restaurants, gymnasium in the central business district in the Subic Freeport.
This Filipino group is represented is by its chairman Eduardo Francisco. Once operational, the project would hire 15 employes.
Taiwanese-owned Coin Chemical Subic Inc. is also coming into Subic to engage in the manufacture and trading of goods such as paints, lithium-ion battery, bio-cosmetics, highend shoes, electronic unit assemblies and other related products.
With a committed investment of $ 870,000, the company expects to hire 31 people. It is represented by its president Chadwick Wu. The company, however, has hired Benney Lee as its local CEO to handle its Subic operations.
Other projects scheduled for approval next week include Asiapro Cooperative, Century Peak Corporation, Interisland Resorts and Services Inc., Mango Valley Corp., Shengkai Corp., Sibic Amino Hightech Corp., and Winstar Subic Display Corp.
Its Freeport status and convenience to undertake trading operations have attracted foreign firms to locate in the former U.S. military naval facility.
The Freeport is also a self-contained facility that affords convenient and pleasurable stay for expats.
Since it is a Freeport, good imported and exported are mostly tax-free unless the products are brought outside of the Freeport customs territories and into the domestic Philippine market.
posted by OlongapoCity Zambales at
8:32 AM
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