AFAB posts highest growth rate among Freeports

Bataan Freeport - Just almost three years in existence, the Authority of the Freeport Area of Bataan (AFAB) is making waves in the business arena after it posted the highest growth rate among investment promotion agencies (IPA) in the country.

A record-breaking among state-owned free ports in the country, located along the sprawling 1,691-hectare industrial complex, AFAB has surpassed the seven other big IPAs including the Clark Development Corporation (CDC) and Subic Bay Metropolitan Authority (SBMA) in terms of growth rate from 2011 to 2012, according to the National Statistical Coordination Board (NSCB).

While other IPAs were suffering from millions in setback, AFAB posted a 354.2 percent growth rate due to an enormous leap in its foreign investments from P86 million in 2011 to P390 million last year.

''AFAB registered the highest increase, expanding by more than four times the P86 million approved [foreign investments] in 2011,'' said NSCB in the report.

AFAB has become into law after Bataan Rep. Abet S. Garcia, now newly-elected governor of Bataan, had sponsored a bill converting the once bankrupt Bataan Economic Zone (BEZ) into Bataan Free Port, now called AFAB.

Two economic zones in Central Luzon, the CDC in Pampanga and the SBMA in nearby Olongapo whose large area belongs also to Bataan province, incurred double-digit declines of 76 percent and 96 percent respectively.

Garcia said thousands of jobs are expected to be further employed in Bataan as companies of different industries, particularly manufacturing and shipbuilding, latest of them Turkish investors, come in.

This as AFAB recorded the highest increase in projected employment at 136 percent from 585 jobs in 2011 to 1,385 jobs last year.

''The FAB overshot its target for 2011 and 2012, and is now looking at a more robust development in 2013. We intend to equal, if not surpass, what we have achieved last year,'' reported AFAB Chairman Deogracias Custodio. According to the NSCB, the manufacturing sector remained the top industry in the country with P136.8 billion worth of investment pledges or 59.4 percent of the total.

Meanwhile, the top three investing countries for 2012 were Netherlands, Japan and the United States.

FAB is home to more than 70 locators that engage in the manufacturing of electronics, garments and textiles, leather luggage, handbags and footwear, fiberglass, furniture and fixtures, rubber and plastic products, and chemicals and chemical derivatives.

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • China ignores global outcry vs reclamation
    China ignores global outcry vs reclamation

    On Wednesday, G-7 foreign ministers issued a Declaration on Maritime Security expressing alarm over “unilateral actions, such as large scale land reclamation, which change the status quo and increase tensions” in the region. In their communiqué, which did not specifically mention China, the ministers expressed belief that reclamation activities were meant to “change the status quo” in the West Philippine Sea and South China Sea, through which 40 percent of global trade passes. …

  • Project NOAH exec receives recognition
    Project NOAH exec receives recognition

    Project NOAH executive director and University of the Philippines professor Mahar Lagmay recently received recognition from the European Geosciences Union (EGU) for his work in disaster risk reduction and mitigation in the Philippines. …

  • Nightclub ban for US troops
    Nightclub ban for US troops

    The US Pacific Command has banned its troops in the Philippines from bars and nightclubs, a spokesman said yesterday, with the trial under way of a US Marine accused of murdering a transgender Filipino he met in a bar. Thousands of American and Filipino soldiers will kick off tomorrow the 10-day annual military exercises, according to Capt. Alex Lim, a spokesman for the US forces, but there will be strict controls on their free time. Lim would not say why the restrictions were imposed but …

  • US-Phl war games to start under China’s shadow
    US-Phl war games to start under China’s shadow

    Thousands of American and Filipino soldiers will kick off tomorrow expanded wargames, showcasing a deepening  defense alliance as alarm bells ring over China. The 10-day exercises in the Philippines are an annual affair between the longtime allies, but this time they will involve double the number of soldiers as last year in a sign of their expanding military partnership. The Philippines is seeking more US military and diplomatic support to fend off China’s increasing forcefulness in its bid …

  • Palace defends legal tack in sea row
    Palace defends legal tack in sea row

    There is nothing weak about taking the legal and diplomatic approach to push for the country’s claims in the disputed West Philippine Sea, Malacañang maintained yesterday. On Friday, Bayan Muna Rep. Neri Colmenares led a rally in front of the Chinese consulate in Makati City to protest China’s massive reclamation activities in the Spratly island group to fortify its presence in the disputed waters. Colmenares also criticized the Philippine government for supposedly not doing enough to defend …

  • Veloso sons urge authorities to save mother from death
    Veloso sons urge authorities to save mother from death

    The sons of Mary Jane Veloso, who is facing execution in Indonesia for drug smuggling, yesterday appealed to government officials to do everything to spare their mother from death. “We love you,” Mark Daniel, 12, said when asked for a message for his mother following a press conference at the University of the Philippines in Diliman, Quezon City. Mark Daniel, an incoming Grade 8 student, reiterated his appeal to those in power to help save his mother from death. His younger brother, …

  • US-Philippines wargames to start under China's shadow
    US-Philippines wargames to start under China's shadow

    Thousands of American and Filipino soldiers on Monday will kick off expanded wargames, showcasing a deepening defence alliance as alarm bells ring over China. The 10-day exercises in the Philippines are an annual affair between the longtime allies, but this time they will involve double the number of soldiers as last year in a sign of their expanding military partnership. The Philippines is seeking more US military and diplomatic support to fend off China's increasing forcefulness in its bid …

  • Bar ban for US troops in Philippines amid murder trial
    Bar ban for US troops in Philippines amid murder trial

    The US Pacific Command has banned its troops in the Philippines from bars and nightclubs, a spokesman said Saturday, with the trial under way of a US Marine accused of murdering a transgender Filipina he met in a bar. Thousands of American and Filipino soldiers will on Monday kick off 10-day annual military excercises, according to Captain Alex Lim, a spokesman for the US forces, but there will be strict controls on their free time. Lim would not say why the restrictions were imposed but …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options