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Saturday, November 18, 2017

Subic Freeport chosen ‘Fastest Growing Free Trade Zone in Asia’ at IFM Awards

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By Jonas Reyes

Subic Bay Freeport has been known as one of the economic flagships of the Philippines and has been partially instrumental in the development of the country. Traits such as these have made this premier Freeport the winner of the Fastest Growing Free Trade Zone in Asia by the International Finance Magazine (IFM) Awards 2017.

According to the IFM Awards, they have awarded both the SBFZ and the Subic Bay Metropolitan Authority (SBMA) “The Fastest Growing Free Trade Zone 2017” and the “Best Social Responsibility Initiative 2017 Philippines” for being the most active partner of government in advancing its socio-economic agenda.

Stacks and stacks of container vessels are lined up at the New Container Terminal-1 (NCT-1) at the Subic Bay Freeport Zone, indicating a busy port. (MB file photo | Manila Bulletin)

Stacks and stacks of container vessels are lined up at the New Container Terminal-1 (NCT-1) at the Subic Bay Freeport Zone, indicating a busy port. (MB file photo | Manila Bulletin)

SBMA Chair Atty. Wilma Eisma said, “These awards, which come on the eve of SBMA’s 25th year anniversary, inspire us not only to celebrate our past but more importantly, to forge our country’s future for the sake of our children and future generations by continuing to make a difference and adding value to Filipino lives.”

“It is indeed both an honor and a privilege to be counted among IFM’s roster of excellence,” she added. The award winner identifies the social needs of the community and takes initiative to positively impact social status, earning potential and access to services.

The IFM Annual Award Ceremony in Singapore is scheduled to be held on 26th of January 2018.

Known for its significant contribution to the community, the agency has been adamant in socially responsible practices, showed initiative in terms of delivering social and economic benefits to local communities and employees, and has followed its policies that have had a sustainable impact on the targeted communities.

To date, the Subic Bay Freeport has around 126,053 employees from 2,897 companies located here, with the Services sector dominating the workforce with 69,676 workers. And with the number of companies locating inside this Freeport, the number of open positions is pegged at 7,000 to date.

And with the committed investment surpassing the $1.4-billion mark during the first quarter of this year, expect that this premier Freeport will gain more strides in the economic sector of the country.

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  • DUWAGterte

    Maglinis din kayo ang dagat niyo dyan. Beach niyo ang dumi dumi na lalo na don sa harap ng mga bars.

  • Diegodin2

    ‘Stacks of Stacks of Container Vessels” , Mr. jonas reyes , sir WHERE ARE THE CONTAINER VESSELS???? Hindi ko makita kung nasaan ang mga vessels na sinasabi mo sa photo na ito! Its all containers and gantry crane! Wala barko! NADA! NIL! NOTHING! WAAY!

    Please be realistic when reporting and posting any news and photos okay?

  • pinoynga

    Congratulations for the award. However, long way to go for real inclusive growth. The above numbers just amount to about 44 employees per company in Subic. This means that most of the business do not require a large work force. This is contrary to providing jobs for many more Pinoys so that more OFWs will start coming home to work here instead. The plan should be to increase the average work force in the zone to 1,000 works average per company at least within the next 5 years.