The Authority of the Freeport Area of Bataan (AFAB) reported that it has registered P14 billion in investment pledges in 2023 and vowed to exceed the performance this year with the influx of new technology-driven investments at the Freeport.
AFAB Administrator and CEO Mohammed Hussein P. Pangandaman, who assumed office in May of 2023, said they also aim to exceed this year their 2023 project registration to create more job opportunities.
In a statement, Pangandaman cited the country’s glomerate San Miguel Corp. (SMC) for leading the investment inflows. SMC is expanding its food processing and power generation plants at the Freeport.
Other investors that expanded their facilities in the FAB include industrial mold and lamination producer GQ Horizon; specialty detergent maker Kirubai; and safety apparel and harness manufacturer Surex Safe Venture.
In terms of employment, Pangandaman said they current employ 40,895 workers of which 93 percent come from within the province.
Pangandaman also reported that Dong In, a Korea-based sports and outdoor equipment manufacturer and current locator in FAB, is looking to hire 10,000 more workers to expand its operations at the Freeport.
There are now 35 companies including fintech, blockchain, gaming, and defense that have submitted letters of intent to locate in the Freeport, he said. Meanwhile, 10 out of 17 registered Freeport Expansion Areas (FEAs) scattered across the province have already started operations.
“We’re certainly pleased with the investment commitments – it’s a show of confidence in the value of FAB as a Freeport, and in the work put in by Team AFAB,” Pangandaman said.
Under his leadership, Pangandaman shared that AFAB will expand its focus to take advantage of its unique mandate. “With the pandemic over, AFAB is determined to finally embrace its new Charter more fully,” he said.
Five years ago, the Charter of AFAB was amended to allow an expansion of the types of economic activities allowed to operate at FAB, and to expand its physical area through the registration of other sites throughout Bataan.
Under the AFAB’s new Charter, locators in these FEAs enjoy the same benefits and incentives as those in the main zone in Mariveles.
On the FAB’s physical expansion, Pangandaman said they have started redevelopment of the Freeport, which main anchor is in Mariveles.
Some of its new developments include a central business district, the Mattel beachfront, and the revival of its long-dormant golf course. “The potential of these developments will be underscored, with the anticipated completion of the Bataan-Cavite Interlink Bridge, major infrastructure project of the Marcos Administration that will connect the Province of Bataan to strategic economic spots in southern Luzon,” said Pangandaman.
“FAB lies at the end of the Roman Highway and the tip of the Bataan Peninsula, but – very soon – it will also be a destination in itself for business, and even for tourism,” he said.
Looking back at the milestones since the establishment of Mariveles as the Philippines’ first free trade zone 55 years ago, Pangandaman said, “As we recognize and honor our past, we also look forward to our future.”