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|26 December 2009
Philippines: Subic registers $167m in investments in Jan-Nov 2009
The value of approved investments within the Subic Bay Freeport Zone reached $166.64 million in the first 11 months, about $80 million short of what was generated for the entire 2008, the Philippine Daily Inquirer reported.
According to Subic Bay Metropolitan Authority Administrator Armand Arreza, foreign direct investments in the area plunged by more than 67 percent to only $73.82 million in the January-November period, from $224.82 million in the same period last year.
Local investors compensated for the foreign firms’ lack of appetite in investing in the freeport. From January to November, he said the 139 local businesses in the area registered investment pledges worth $96.22 million. This represented 57.74 percent of the total commitments made during the period, he added.
One of the top investors in Subic in the last two months was local real estate developer Ayala Land Inc., which committed to infuse $21.4 million into the construction, development and operation of a retail and commercial center in the area.
Other companies that pledged significant investments included composite parts and materials manufacturer Aeroframe Composites Inc. with $465,000; real estate firm Hamomo Corp. with $385,274, and real estate developer Honey & Money Subic Corp. with $321,062.
In October and November alone, total committed investments in the freeport area reached $44.42 million—$23.1 million of which was pledged in October by 12 companies, with the remaining $21.32 million committed by 22 firms.
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