03-subic central_feb 2011

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FEBRUARY 2011 | 3 www.newscentralsite.com Central News The Business Paper of the New Economic Corridor SubicCentral T HE 6th State of the Free- port Address (SOFA) presented by Subic Bay Metropolitan Authority (SBMA) Administrator and CEO Armand C. Arreza can be summarized into three words: Pro- active. Insightful. And Promising. Compared to his past SOFA’s, Arreza emphasized early on in his 40-minute speech —- the “moral purpose” in which SBMA should now adhere to — anchored on work- ing together hand-in hand with the different stakeholders with clarity, transparency and honesty under the present Aquino administration. Arreza quoted a recent statement of President Aquino before Philip- pine business leaders: “‘Daylight, the way forward is to move together in the broad light of day where ev- erything we do and how we do it is clear, honest, and transparent.’ In a nutshell, Administrator Arre- za’s SOFA provides everyone a sneak preview, so to speak, of what is really in store not only for the stakeholders in Subic but likewise, the Free port’s role in helping boost the country’s financial and economic gains from hereon. Attended by executives of top com- panies based in Subic including loca- tors, local government leaders and Freeport workers, officials of regional government agencies in Central Lu- zon, SBMA employees and other of- ficials, the annual event presented by the Subic Bay Freeport Chamber of Commerce (SBFCC) held last Feb- ruary 15 at the jam-packed Subic Bay Freeport Convention Center. The following and other separate articles in this special issue of News Central are excerpts of the SOFA in- cluding highlights of the Adminis- trator’s performance report: Investments THE most basic or fundamental gauge of the state of the Freeport and the performance of the Subic Bay Metropolitan Authority (SBMA) as an investment promotion agen- cy is the flow of investments and its power to entice more investors. Arreza made this statement for the opening salvo of the annual SOFA as he presented the key performance indicators of the country’s premium Freeport zone during the first part of the event on behalf of SBMA Chair- man Feliciano G. Salonga who was struck down with flu at the time of the much-awaited yearly report. “I am pleased to report that cumu- lative investments in the Freeport grew by 20 percent last year – from 5.9 billion US dollars in 2009 to 7.16 billion in 2010,” Arreza said. “This boosted cumulative investments in Subic by more than a billion dollars.” The number of approved new projects for 2010, however, dropped by 43 percent – from 201 projects in 2009 to only 115 last year. This brought the cumulative approved projects in the Freeport to more than 1,400. “So, what we lacked in numbers, we definitely more than made up in terms of quality investments,” Ar- reza said. He said that the drop in the num- ber of approved new projects could be attributed mainly to the lack of a quorum in the SBMA Board since the issuance of E.O. 2, which as we all know, affected 12 out of our 15 board members. Arreza said that aside from hav- ing a quorum in the SBMA Board, an- other good news is the overwhelm- ing increase of more than four (4) times – or 486 percent, to be exact – in the amount of committed in- vestments generated last year, as compared to 2009. “This, despite the decline in the number of investment projects, as I have mentioned earlier, “ he said. Top 10 investments LEADING the pack of top 10 invest- ments is Korean investor M. Castle Philippines, now called Resom Re- sort Philippines, with an investment pledge of $1 billion. Resom Resort Philippines aims to develop a 590-hectare property at the Minanga area in Morong, Bata- an that will combine Resom’s three existing resort facilities in Korea – namely Ocean Castle, Spa Castle, and Mountain Castle – into a single integrated world-class recreational leisure resort facility. Next is the Sunnew-Subic Invest- ments Limited from China, which has committed $75 million for the establishment of a 25-wind turbine farm that would generate some 50 megawatts of power. Number 3 top investor is Subic Bay Town Center, followed by a tie between Alubat Aviation Composites and Vapco International Corporation in the fourth slot. Next are Sands of Triboa Resorts as No. 5; Subic Bay Brands and Lifestyle Retails Concept, Inc. as No. 6; and Fer- tuna Holdings Corporation as No. 7. Fertuna Holdings is an affiliate company of Puregold Duty Free, which plans to embark on a part- nership agreement with Ayala Land, Inc. for the development of the Main Gate Area. The company will also serve as the anchor supermarket tenant of the proposed Harbor Point Mall of Ayala and will re-develop the exist- ing Park and Shop Terminal of the Freeport. Ranked No. 8 investor for 2010 is Holy Land Subic Foundation, Inc.; fol- lowed by Udenna Management and Resources Corporation and San Ber- nardino Shores Beach Resort Corpo- ration, for the ninth and tenth slots, respectively. “We value the decision of these investors to bring their businesses here and assure you of our continu- ous effort at being a truly customer- focused agency,” Arreza said. Local investments in 2009 com- prised almost 60 percent of total committed investments that year. And this compensated for the 63 percent drop in foreign direct invest- ments from 2008 to 2009. For 2010, a different scenario unfolded. FDIs or foreign direct investments made up 92 percent of investment pledges that came in last year, while local investments accounted for the balance of eight (8) percent. And this despite that SBMA signed up more local investment projects last year. Arreza acknowledged the top 10 foreign investors for 2010, led by the same top three investors in the over- all category – namely, M. Castle, Sun- new, and Alubat Aviation and Vapco. Next in line are Safehull Marine Technologies, Advance Subic Screw, Chinmel Metal Manufacturing, and Aviation Concepts Holdings – which inaugurated its 1 00,000-square foot hangar facility at the Subic Bay In- ternational Airport last month. The rest of the top ten (10) FDIs Misung Subic, International Armor- ing Corporation Asia, Nova Freeport Resources, and M-com Subic. The investment pledges of these top ten (10) FDIs total more than 1.1 billion dollars. Arreza likewise acknowledged the top10 local investors who have pledged a total of more than 77 mil- lion dollars. These are Subic Bay Town Center, Sands of Triboa Resorts, Subic Bay Brands and Lifestyles Retails Con- cept, Fertuna Holdings, Holy Land Subic, Udenna Management and Resources, San Bernardino Shores Beach Resort, Carworld Subic, Palm Horizon Gateway Subic, and CW- Subic Bay Development. “To both our foreign and local in- vestors, we re-affirm our resolve to continue making the Freeport wor- thy of your trust and confidence,” Arreza said. STATE OF THE FREEPORT ADDRESS Insightful. Promising. Pro-Active E IGHT new members of the Subic Bay Metropolitan Au- thority (SBMA) Board of Directors who have been appointed by President Benigno “Noynoy” Aquino last January and early this month are all set to keep the ball rolling and carry forward the economic development of Subic Bay Freeport. SBMA Administrator and CEO Ar- mand C. Arreza said that the SBMA Board is now ready to resume the long-stalled sessions with the ap- pointment of eight new members to tackle about 200 pending projects and investment proposals submitted to the SBMA. “This concern was brought to President Aquino’s attention by the Chamber itself and had been ade- quately addressed with the appoint- ment of our new directors. So, my thanks to the Chamber for helping us out in this matter,” Arreza said. Officers and members of the in- fluential Subic Bay Freeport Cham- ber of Commerce (SBFCC) welcomed the appointment of the new mem- bers of the SBMA Board who were introduced during the State of the Freeport Address. According to SBFCC president Danny Piano, business locators in Subic are thankful that President Aquino heeded their request to fill the void left by the unseated board members. The new members of the SBMA Board are: Benjamin Antonio III, a profes- sional manager with an extensive in- ternational experience and a proven track record in Operations, Informa- tion Technology, Business Process Management and Risk Management; Philip Camara, the former chair- man of the Sectoral Regional Coun- cil on Economic Development, RDC Central Luzon, which is a regional government/private sector develop- ment coordination body. Camara is also a trustee of the Haribon Foun- dation, a non-stock, non-profit en- vironmental organization that has pioneered in wildlife protection and conservation in the Philippines. Gerald Sam del Rosario, a young and innovative operations execu- tive with a fine track record in ex- ceeding profitability goals, turning around underperforming business units, and driving up revenues and market share. Ramon Diez Sesdoyro, a broadcast media veteran and professional who was undersecretary of the Office of the Press Secretary during President Ramos’s term until he was appointed as general manager of the People’s Television Network or Channel 4. As general manager of PTV 4, Diez suc- ceeded in paying off all the station’s obligations, leaving the government- owned media outlet in the black by two million pesos at the end of his service in 1998. Norberto Sosa who has extensive experience and expertise in marine and terminal operations as marine manager for Pilipinas Shell Petro- leum Corporation for 18 years. Atty. Bienvenido Benitez, a dis- tinguished lawyer who has not only succeeded in resolving a squatter problem in Las Piñas through com- munity empowerment and demo- cratic participation but who, as an abstract artist, has also presented four shows. Francis Garcia, representing Her- mosa, Bataan. Garcia is an “old new” member of the Board, as the SBMA had this Cornell University alumnus and hi-tech guy with us from March to August last year. Roberto Garcia, a topnotch busi- ness executive who upon retiring from Motolite and Oriental Corpora- tion had made the company the larg- est battery manufacturer in ASEAN and one of the most integrated bat- tery manufacturers in the world, producing on its own almost every component needed in the assembly of a battery. “I am sure these eight gentlemen have been appointed by President Aquino by virtue of their varied expertise and multi-faceted back- grounds,” Arreza said. These will definitely come in handy in tackling an equally diverse gamut of concerns that are present- ed to the SBMA Board. Investors welcome new members of the SBMA Board

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www.newscentralsite.com Investments Top 10 investments inaugurated its 1 00,000-square foot hangar facility at the Subic Bay In- The Business Paper of the New Economic Corridor

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Page 1: 03-SUBIC CENTRAL_Feb 2011

february 2011 | 3

www.newscentralsite.com

CentralNews

The Business Paper of the New Economic CorridorSubicCentral

The 6th State of the Free-port Address (SOFA) presented by Subic Bay Metropolitan Authority (SBMA) Administrator

and CeO Armand C. Arreza can be summarized into three words: Pro-active. Insightful. And Promising. Compared to his past SOFA’s, Arreza emphasized early on in his 40-minute speech —- the “moral purpose” in which SBMA should now adhere to — anchored on work-ing together hand-in hand with the different stakeholders with clarity, transparency and honesty under the present Aquino administration. Arreza quoted a recent statement of President Aquino before Philip-pine business leaders: “‘Daylight, the way forward is to move together in the broad light of day where ev-erything we do and how we do it is clear, honest, and transparent.’ In a nutshell, Administrator Arre-za’s SOFA provides everyone a sneak preview, so to speak, of what is really in store not only for the stakeholders in Subic but likewise, the Free port’s role in helping boost the country’s financial and economic gains from hereon. Attended by executives of top com-panies based in Subic including loca-tors, local government leaders and Freeport workers, officials of regional government agencies in Central Lu-zon, SBMA employees and other of-ficials, the annual event presented by the Subic Bay Freeport Chamber of Commerce (SBFCC) held last Feb-ruary 15 at the jam-packed Subic Bay Freeport Convention Center. The following and other separate articles in this special issue of News Central are excerpts of the SOFA in-cluding highlights of the Adminis-trator’s performance report:

InvestmentsThe most basic or fundamental gauge of the state of the Freeport and the performance of the Subic Bay Metropolitan Authority (SBMA) as an investment promotion agen-cy is the flow of investments and its power to entice more investors. Arreza made this statement for the opening salvo of the annual SOFA as he presented the key performance indicators of the country’s premium Freeport zone during the first part of

the event on behalf of SBMA Chair-man Feliciano G. Salonga who was struck down with flu at the time of the much-awaited yearly report. “I am pleased to report that cumu-lative investments in the Freeport grew by 20 percent last year – from 5.9 billion US dollars in 2009 to 7.16 billion in 2010,” Arreza said. “This boosted cumulative investments in Subic by more than a billion dollars.” The number of approved new projects for 2010, however, dropped by 43 percent – from 201 projects in 2009 to only 115 last year. This brought the cumulative approved projects in the Freeport to more than 1,400. “So, what we lacked in numbers, we definitely more than made up in terms of quality investments,” Ar-reza said. he said that the drop in the num-ber of approved new projects could be attributed mainly to the lack of a quorum in the SBMA Board since the issuance of e.O. 2, which as we all know, affected 12 out of our 15

board members. Arreza said that aside from hav-ing a quorum in the SBMA Board, an-other good news is the overwhelm-ing increase of more than four (4) times – or 486 percent, to be exact – in the amount of committed in-vestments generated last year, as compared to 2009. “This, despite the decline in the number of investment projects, as I have mentioned earlier, “ he said.

Top 10 investmentsLeADING the pack of top 10 invest-ments is Korean investor M. Castle Philippines, now called Resom Re-sort Philippines, with an investment pledge of $1 billion. Resom Resort Philippines aims to develop a 590-hectare property at the Minanga area in Morong, Bata-an that will combine Resom’s three existing resort facilities in Korea – namely Ocean Castle, Spa Castle, and Mountain Castle – into a single integrated world-class recreational leisure resort facility.

Next is the Sunnew-Subic Invest-ments Limited from China, which has committed $75 million for the establishment of a 25-wind turbine farm that would generate some 50 megawatts of power. Number 3 top investor is Subic Bay Town Center, followed by a tie between Alubat Aviation Composites and Vapco International Corporation in the fourth slot. Next are Sands of Triboa Resorts as No. 5; Subic Bay Brands and Lifestyle Retails Concept, Inc. as No. 6; and Fer-tuna holdings Corporation as No. 7. Fertuna holdings is an affiliate company of Puregold Duty Free, which plans to embark on a part-nership agreement with Ayala Land, Inc. for the development of the Main Gate Area. The company will also serve as the anchor supermarket tenant of the proposed harbor Point Mall of Ayala and will re-develop the exist-ing Park and Shop Terminal of the Freeport. Ranked No. 8 investor for 2010 is

holy Land Subic Foundation, Inc.; fol-lowed by Udenna Management and Resources Corporation and San Ber-nardino Shores Beach Resort Corpo-ration, for the ninth and tenth slots, respectively. “We value the decision of these investors to bring their businesses here and assure you of our continu-ous effort at being a truly customer-focused agency,” Arreza said. Local investments in 2009 com-prised almost 60 percent of total committed investments that year. And this compensated for the 63 percent drop in foreign direct invest-ments from 2008 to 2009. For 2010, a different scenario unfolded. FDIs or foreign direct investments made up 92 percent of investment pledges that came in last year, while local investments accounted for the balance of eight (8) percent. And this despite that SBMA signed up more local investment projects last year. Arreza acknowledged the top 10 foreign investors for 2010, led by the same top three investors in the over-all category – namely, M. Castle, Sun-new, and Alubat Aviation and Vapco. Next in line are Safehull Marine Technologies, Advance Subic Screw, Chinmel Metal Manufacturing, and Aviation Concepts holdings – which inaugurated its 100,000-square foot hangar facility at the Subic Bay In-ternational Airport last month. The rest of the top ten (10) FDIs Misung Subic, International Armor-ing Corporation Asia, Nova Freeport Resources, and M-com Subic. The investment pledges of these top ten (10) FDIs total more than 1.1 billion dollars. Arreza likewise acknowledged the top10 local investors who have pledged a total of more than 77 mil-lion dollars. These are Subic Bay Town Center, Sands of Triboa Resorts, Subic Bay Brands and Lifestyles Retails Con-cept, Fertuna holdings, holy Land Subic, Udenna Management and Resources, San Bernardino Shores Beach Resort, Carworld Subic, Palm horizon Gateway Subic, and CW-Subic Bay Development. “To both our foreign and local in-vestors, we re-affirm our resolve to continue making the Freeport wor-thy of your trust and confidence,” Arreza said.

State of the freeport addreSSInsightful. promising. pro-active

EIGhT new members of the Subic Bay Metropolitan Au-thority (SBMA) Board of Directors who have been

appointed by President Benigno “Noynoy” Aquino last January and early this month are all set to keep the ball rolling and carry forward the economic development of Subic Bay Freeport. SBMA Administrator and CeO Ar-mand C. Arreza said that the SBMA Board is now ready to resume the long-stalled sessions with the ap-pointment of eight new members to tackle about 200 pending projects and investment proposals submitted to the SBMA. “This concern was brought to President Aquino’s attention by the Chamber itself and had been ade-quately addressed with the appoint-ment of our new directors. So, my

thanks to the Chamber for helping us out in this matter,” Arreza said. Officers and members of the in-fluential Subic Bay Freeport Cham-ber of Commerce (SBFCC) welcomed the appointment of the new mem-bers of the SBMA Board who were introduced during the State of the Freeport Address. According to SBFCC president Danny Piano, business locators in Subic are thankful that President Aquino heeded their request to fill the void left by the unseated board members. The new members of the SBMA Board are: Benjamin Antonio III, a profes-sional manager with an extensive in-ternational experience and a proven track record in Operations, Informa-tion Technology, Business Process Management and Risk Management;

Philip Camara, the former chair-man of the Sectoral Regional Coun-cil on economic Development, RDC Central Luzon, which is a regional government/private sector develop-ment coordination body. Camara is also a trustee of the haribon Foun-dation, a non-stock, non-profit en-vironmental organization that has pioneered in wildlife protection and conservation in the Philippines. Gerald Sam del Rosario, a young and innovative operations execu-tive with a fine track record in ex-ceeding profitability goals, turning around underperforming business units, and driving up revenues and market share. Ramon Diez Sesdoyro, a broadcast media veteran and professional who was undersecretary of the Office of the Press Secretary during President Ramos’s term until he was appointed

as general manager of the People’s Television Network or Channel 4. As general manager of PTV 4, Diez suc-ceeded in paying off all the station’s obligations, leaving the government-owned media outlet in the black by two million pesos at the end of his service in 1998. Norberto Sosa who has extensive experience and expertise in marine and terminal operations as marine manager for Pilipinas Shell Petro-leum Corporation for 18 years. Atty. Bienvenido Benitez, a dis-tinguished lawyer who has not only succeeded in resolving a squatter problem in Las Piñas through com-munity empowerment and demo-cratic participation but who, as an abstract artist, has also presented four shows. Francis Garcia, representing her-mosa, Bataan. Garcia is an “old new”

member of the Board, as the SBMA had this Cornell University alumnus and hi-tech guy with us from March to August last year. Roberto Garcia, a topnotch busi-ness executive who upon retiring from Motolite and Oriental Corpora-tion had made the company the larg-est battery manufacturer in ASeAN and one of the most integrated bat-tery manufacturers in the world, producing on its own almost every component needed in the assembly of a battery. “I am sure these eight gentlemen have been appointed by President Aquino by virtue of their varied expertise and multi-faceted back-grounds,” Arreza said. These will definitely come in handy in tackling an equally diverse gamut of concerns that are present-ed to the SBMA Board.

Investors welcome new members of the SBMa Board