State-owned firm posts P1.6-B investments
By Reynaldo G. Navales
September 8, 2011
CLARK FREEOPORT — Some 22 new projects and 27 business renewals here have posted over P1.6 billion in investments and close to 500 additional employment opportunities within the next five years.
Clark Development Corporation (CDC) president Felipe Antonio B. Remollo said these are his accomplishments since he assumed as president and chief executive officer of the state-owned firm.
The CDC Corporate Planning Department stated that the leading investor that will infuse significant investment inside the Freeport is the Hae O Rum Development Corporation, which plans to put up a P1.58-billion facility on a 2.75-hectare area along M.A. Roxas Avenue to cater to the educational and recreational requirements of Korean tourists.
The project will also initially employ around 30 personnel and gradually scale it with the extent of its operations.
Remollo signed an agreement with Bonsure Everrich International who will invest over P192 million for a facility to process dried meat products, which are traditionally Chinese in origin. The firm will initially employ 40 personnel.
Another project that Remollo approved is the establishment of the AT Steel Co., Inc., who is expected to invest some P72 million and will require a 70 personnel manpower complement for its importation, supply and distribution of steel sheets or coils and structural steel products (beams, plates, channels, angels) operations in Clark.
Some of AT Steel’s clients include CIAC, Hanjin, Texas Instruments, and PSPC.
Remollo also led the launching of large investment projects such as Special Precision Tools Clark Corporation which will infuse P285 million for the establishment of a manufacturing firm producing ‘chip bonding tools.’
Viskase Asia Pacific Corporation will initially invest some $12 to $14 million for a manufacturing plant for meat products.
The plant is expected to employ 100 to 150 workers once fully operational.
Donggwang Clark Corporation started construction of its $200-million project to develop the 304-hectare area into a tourism, recreational and leisure estate, including the construction of a new golf course.
Yokohama Tire Philippines also expanded its manufacturing plant in Clark. By 2017, tires manufactured will reach 17 million tires a year from current production of seven million tires a year.
Remollo announced the employment increased to 3.9 percent from 60,162 workers to 62,510. Remollo attributed these accomplishments to the steady growth in the electronics, garments and other manufacturing sub-sectors, along with the expansion of Information Technology/Telecommunications sector.
“The increase in investment projects in Clark, including the employment situation could also be attributed to the sound economic policies of President Aquino which gave investors confidence to locate in Clark,” Remollo said.
Published in the Sun.Star Pampanga newspaper on September 08, 2011.
Source: http://www.sunstar.com.ph/pampanga/local-news/2011/09/07/state-owned-firm-posts-p16-b-investments-177988
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