Bank official foresees Bataan as industrial investment hub

Written by
  • Raffy C. V.
  • 7 years ago

BALANGA CITY, Bataan – A top official of a prestigious banking institution here has predicted a vibrant economic investment posture with the implementation of a comprehensive strategic development and promotional marketing scheme initiated by Bataan Governor Albert Raymond S. Garcia to make the province a premier investment hub in Central Luzon.

John D. Calugay, manager of Bank of Commerce Balanga branch, has greatly appreciated the well-executed economic development agenda focusing on the excellent good governance advocacy of Governor Garcia and the dynamic involvement of private stakeholders in the direction of a strictly business-friendly community.

He described the encouraging geographical  advantages of Bataan  with its existing port and terminal facilities, good road network interconnecting the country’s  leading  economic zones, government fiscal incentives, availability of highly-skilled technical and professional workers, stable power supply, relatively peaceful and business friendly atmosphere and other vital factors which would heighten productivity.

Calugay explained the operations of a multi-billion dollar liquefied natural gas fired power plant and terminal depot in the outskirts of Limay town, the San Miguel Corporation (SMC) Special Economic Zone and hydroelectric plant in Mariveles town and the opening of various firms in the seven economic and industrial zones of the province are crucial ingredients which motivate multi-national corporations to establish manufacturing plants that would produce exportable products  intended for  European and American markets.

He added the San Miguel Corporation owned Bank of Commerce, ranked as the 17th biggest  commercial bank with total assets of P137 billion as of end of  2016 based on the Central Bank latest data is reportedly applying for universal banking license authorizing it to operate an investment house and to invest in non-allied enterprises including infrastructure projects.

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