Freeport Area Of Bataan Attracts PHP14 Billion In Investments In 2023

The Authority of the Freeport Area of Bataan (AFAB) announced that the Freeport Area of Bataan (FAB) successfully attracted Php14 billion in investments in 2023.

AFAB expects a significant increase in the worker base at the FAB, which stood at 40,895 by the end of 2023, with 93 percent of the workforce coming from within the province. I Photo: Authority of the Freeport Area of Bataan Facebook

Mohammed Hussein Pangandaman, the Administrator and CEO of AFAB, revealed that local conglomerate San Miguel led the local locators, investing in the expansion of their food processing and power generation plants within the Freeport.

Foreign locators such as industrial mold and lamination producer GQ Horizon, specialty detergent maker Kirubai, and safety apparel and harness manufacturer Surex Safe Venture also made additional investments in their existing facilities within the Freeport.

AFAB expects a significant increase in the worker base at the FAB, which stood at 40,895 by the end of 2023, with 93 percent of the workforce coming from within the province.

Korea-based sports and outdoor equipment manufacturer Dong In, an FAB locator, expressed plans to hire an additional 10,000 workers as part of its expansion efforts. Pangandaman expressed satisfaction with the investment commitments, emphasizing the confidence in the value of FAB as a Freeport and the efforts of Team AFAB.

He highlighted that 35 companies submitted letters of intent to locate in the area, including those involved in fintech, blockchain, gaming, and defense industries.

Significant steps have been taken to improve the main zone in Mariveles, including the redevelopment of the Freeport, the establishment of a central business district, the development of the Mattel beachfront, and the revival of the golf course.

These developments are expected to further enhance the area's potential, especially with the upcoming completion of the Bataan-Cavite Interlink Bridge.

Furthermore, 10 out of 17 registered Freeport Expansion Areas (FEAs) across the province have already commenced operations, contributing to the overall economic growth of the region.

Pangandaman concluded by stating that the FAB is set to become a destination for business and tourism.

It marked significant milestones in its development, namely 55 years since the establishment of Mariveles as the Philippines' first free trade zone, 15 years since its transformation into the Freeport Area of Bataan under AFAB's management, and 5 years since the amendment of its Charter.

There is much anticipation for the future of FAB with these ongoing developments.

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