Due to the sudden surge in its foreign direct investments, the FAB has been recognized as the fastest growing Freeport in the country by the National Statistics Coordination Board in 2012 and 2013.
“Since the Authority took over operations from the Bataan Export Processing Zone, it was able to increase the number of locators by nearly 236%, from 39 in 2010 to 92 in August this year. The AFAB is also luring more foreign investments. These are among the reasons why the FAB was tagged as the fastest growing freeport in the country,” Chairman Custodio said.
This year, the FAB is also on track to becoming the fastest growing freeport anew. The Authority generated nearly Php83,958,505,566.00 worth of investments in the first half of 2014, over 138,000 percent higher compared to the Php60,550,00.00 pledges that it recorded in the same period last year.
With the continuous increase in local and foreign investments, thousands of jobs were also opened in the freeport. From the 12,777 freeport employees in 2010, the year when the AFAB took over operations, the employment data increased to 18,543 in August this year.
Today, the FAB is known as one of the leading manufacturing hubs in the country. It possesses a budding cluster of companies producing high-end brands of garments, apparel, shoes and accessories, like bags, jewelries, among others.
DTI Undersecretary for the Trade and Investment Promotions Group Ponciano Manalo Jr. recently expressed confidence that the local supply chain and labor force competencies in the FAB are already established.
“This record-high investment pledges and noteworthy recognition 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,” Chairman Custodio said.
“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,” he added.