A wind power project of Chinese investors and Ayala Land’s shopping mall are among the fifty-six new ventures with a combined investment commitment of $185.8 million that will locate within the Subic Bay Free Port.
China’s Sunnew-Subic Investments Ltd has earmarked $75 million for 25 wind turbines that it will build in Mt. Sta. Rita and Redondo Peninsula, according to Subic Bay Administrator Armand Arreza.
The project is designed to produce 50 megawatts of power starting in 2012, and will initially employ 103 workers. spend $36.42 million to spend for the Subic Bay Town Center, said Stef Sano, senior deputy administrator for business at the Subic Bay.
The Town Center will create 4,320 jobs, making it the single biggest employer at the free port, Sano said.
The other major projects at Subic for the first half are Alubat Aviation Composites Phils., a German-United Kingdom joint venture in aircraft repair and maintenance, and Vapco International Corp., a joint Jordanian-Filipino venture, which has pledged $15 million each.
Rounding up the top 10 largest projects are: Sands of Triboa Resorts, a Filipino firm with commitment of $14.37 million; Fertuna Holdings Corp., Filipino, $5.35 million; Holy Land Subic Foundation, Inc., Filipino, with $5.33 million; San Bernardo Shores Beach, Filipino, $2.21 million; Advance Subic Screw Inc., Taiwanese, $1.5 million; CW-Subic Bay Dev’t, Inc., Filipino, $1.49 million; and Chinmei Metal Mfg. Inc., Filipino, with $1.45 million.
The 56 projects have pledged to create 6,725 more jobs at the free port, Arreza said.
“Considering that we’re still at the tail end of the global recession, it’s quite remarkable that Subic would be hitting more than $30 million per month in terms of new investments,” Arreza said in a statement.
