SUBIC BAY FREEPORT — Seventeen new investors have signed business contracts with the Subic Bay Metropolitan Authority (SBMA) last week, infusing more than US$34 million in committed investments.

SBMA Chairman Feliciano Salonga said the new investors ranged from small, medium, as well as large businesses that are projected to create employment for a total of 578 workers.

“This is a very good sign for us, because this means that the Subic Freeport is an ideal investment site for all sizes of corporations and investors,” said Salonga.

The chairman also gave the assurance that the SBMA has no bias in favor of large investors like South Korean giant Hanjin Heavy Industries Corp.-Philippines, which has set up a $1.7-billion shipyard project here.

“We hope that more small, medium and semi-large companies will come and invest in Subic because this is a good place for all sizes of investments,” he > said.

SBMA Administrator Armand Arreza, meanwhile, attributed the entry of new locators here to the opening of the Subic-Clark-Tarlac Expressway (SCTEx).

The mass contract signing coincided with the commercial opening of the 94-kilometer highway that shortened travel time between Subic and Clark to just 40 minutes. The SCTEx is also expected to connect to other industrial areas in as far as La Union in Northern Luzon.

Arreza said the contract signing was “very auspicious” because the SCTEx offers a lot of opportunities to investors, especially those engaged in shipping, logistics, and tourism.

Topping the list of new investors in terms of committed investments are Subic Daesung Corp., which will put up $15 million, and Subic Enerzone, with $10.4 million.

Daesung will engage in the construction, management and operation of a mixed-use commercial building that will house a condominium-hotel, restaurant, and other commercial operations.

Also investing in Subic’s tourism industry are: Palmgold International, Ltd., which committed $1.94 million for the operation of a slot machine arcade; Cook Group and Pacific Associates, Inc., with $1.4 million for the establishment of a youth camp and recreation facilities; and Global Dongsan Phils. Inc., with $1.097 million for the construction andmanagement of a commercial building.

The new investors that signed up recently include: CEI > Worldwide, Inc. ($2.35 million), Spoint Corp. > ($50,000), Subickor Corp. ($50,000), HCM Marine Corp. > ($50,000), Builenc Phils. Co. Ltd. Corp. ($391,198), > Dong Yang Food Machinery Phils. Corp. ($468,000), E’OS Sutro Technology Subic, Inc. ($221,951), Rayshine > Photonics Phils. Corp. ($100,000), Ringsthree Inc. > ($220,000), Bike Boutique ($300,000), Buma Subic > ($36,585), and PhilKor Utopia ($37,500). (30)