AFAB exceeds full-year 2013 investment approvals in 1H 2014

By Kris M. Crismundo

MANILA, July (PNA) — The Authority of the Freeport Area of Bataan (AFAB) has exceeded its investments approval in full-year of 2013 in span of six months this year.

AFAB said in a statement that in the first half of 2014, investment pledges hit Php 83.96 billion which is higher than investment pledges for the whole year of 2013 which only reached Php 2.1 billion.

“The AFAB already achieved its goal to exceed last year’s pledges. It’s just half of the year and we already surpassed the Php2.1-billion worth of approved investments in 2013. This record-high investment pledges proved that the Authority works hard to contribute to the growth of the local economy and generate more jobs for the people on the ground,” AFAB chairman and administrator Deogracias G.P. Custodio said.

Moreover on year-on-year basis, 1H 2014 AFAB-approved investments was 138,000 percent higher against 1H 2013’s investment pledges of Php 60.55 million.

The investment promotion agency approved 87 investors to locate in FAB in the first semester of this year.

These locators include investors from Korea, Taiwan, China, America, Japan, United Kingdom, Bahrain, France and Germany.

Number of job generation in the six-month period in FAB reached 18,387, higher than last year’s 13,802 jobs created.

“We assure the national government and the locals in Bataan that we will continue to bring more investments in the region and make sure that the economic growth is felt by the people,” Custodio noted.

On the other hand, export revenue of FAB locators dropped by 13.7 percent in 1H 2014 to USD 169.28 billion against previous year’s USD 194.96 billion.

FAB now emerges as the fashion manufacturing center in the country as it is home to manufacturers of high-end brands of garments, apparel, shoes, bags, and jewelries, among others.

“Its vision is to be the Freeport of choice in the country by 2020, becoming a center of trade, innovation and sustainable development in Asia and promoting work-life balance, global competitiveness and environmental protection,” AFAB stated. (PNA)