Saturday, June 03, 2006

GMA cites Subic as best economic hub in RP

By Bebot Sison Jr. - PhilStar

President Arroyo has commended the Subic Bay Freeport as the best economic hub in the country.

The President graced the opening of the 6th Luzon Island Congress of the Philippine Councilors League (PCL) held recently at the Miracle Beach in Subic Bay. The event was attended by more than 2,000 councilors and vice mayors from all over Luzon.

In her speech, the President noted the enthusiasm of the SBMA officials and employees in making Subic as progressive as it is today, attracting more investors that would consequently open jobs for the Filipinos.

"Subic will be the best hub in the region before we reach 2010," she said as she took note of the new investment projects pouring into the Subic Freeport.

She pointed out that the economic fundamentals of the country are steady and strong, and that the recent setback of the peso is a result of transient developments in the economy that pose no direct long-term threat to our own economy.

"The investors’ confidence is strong with the vigorous efforts of the government to balance the budget to improve the overall security situation," she said.

"The SBMA is ready to compete in the world market with the efficient processes, modern infrastructures and more importantly, the quality of life for expatriates with effective security measures," Subic Bay Metropolitan Authority (SBMA) administration and chief executive officer Armand Arreza told The STAR.

"Subic is now an oasis of investments that provided us the advantage over all other countries in the Asia Pacific region," Arreza also said.

"I am very thankful to the President for her unconditional and continuous support to our business plans here in Subic," Arreza added.

The President also proudly announced that the Hanjin Shipyard project in the Redondo Peninsula which will infuse P1 billion worth of investment is off to a good start.

Another giant foreign investment is the high-tech glass production plant of China-based Hebei Jingniu Group which will infuse $300 million.

"It is the right time to reap the fruits of the many reforms that the government has been pursuing, especially the economic development programs, while we are pushing for the creation of more jobs and other developmental projects for the benefit of the people," she said.

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