- September 14, 2015
- News & Events, Press Releases
Subic, Clark contributed $6 billion to Philippine GDP last year
SUBIC BAY FREEPORT—The twin economic zones of Subic and Clark have contributed a total of $6 billion, or about 11 percent of the country’s gross domestic product (GDP), last year.
In a report to Subic Bay Metropolitan Authority (SBMA) Chairman Roberto Garcia, SBMA Acting Deputy Administrator for Business Group Ronnie Yambao said the two neighboring special economic zones contributed significantly to the Philippine GDP.
“Clark and Subic’s combined export value last year of $6 billion is very significant to the gross regional domestic product [GRDP], which contributed 11 percent to our GDP,” Yambao said.
Quoting from the updated World Economic Outlook report from the International Monitory Fund (IMF), Yambao said the Philippine GDP’s growth rate remained at 6.1 percent as of 2014.
He added that the IMF expects to see the Philippines to still become the fastest-growing economy in Southeast Asia in 2015 after it was able to maintain its 6.1 percent GDP, thereby outpacing both Vietnam and Indonesia.
For Subic, Yambao said that among the major growth contributors in 2014 is the South Korean shipbuilder Hanjin Heavy Industries Corp. (HHIC).
The company, which now has 29,000 direct workers, is set to complete at least 17 ships worth over $1.6 billion. “This would mean hiring additional workers,” Yambao added.
Meanwhile, Yambao said the SBMA board of directors has recently approved five new investment projects. These include Harbor Star Subic Corp., which proposed a $4.5-million investment for marine-related ancillary service operation, such as harbor assist, towage, oil-spill mitigation and underwater services.
Another firm, Nanofixit Ventures Inc., will open a $5.32-million rebottling and packaging company for water-based liquid-screen protector, while Subic Superfood Inc. will infuse $920,000 for a food- processingplant that will use local pili nuts from the Bicol region and Himalayan salt for the manufacture of so-called super foods.