The Subic Bay Metropolitan Authority (SBMA) reported a 504 percent year-on-year increase in aggregate approved investment to P20.6 billion in 2024, boosted largely by the P13.4-billion project of shipbuilder Hyundai Heavy Industries.
The world’s largest shipbuilder will produce energy efficient maritime vessels at its facility within the Subic Bay Freeport Zone and employ 4,085 workers, the SBMA, which operates and manages the freeport zone, said.
In a report on Tuesday, the SBMA also said the freeport zone added 159 investors in 2024, up from 131 in 2023.
This brings to 1,926 the number of investors operating within Subic’s freeport zone.
The new projects registered last year have the potential to add 6,466 employees once they begin to operate.
Of the total investments registered last year, the bulk or P13.99 billion went into the manufacturing sector.
The leisure sector gained P4.79 billion worth of investments, and logistics P1.76 billion. Other investments were placed in general business and information and communication technology.
The manufacturing sector will employ 5,509 workers, while the leisure sector will employ 1,062, and logistics 163.
Existing locators shipped $1.3 billion worth of products in 2024, the SBMA said.
