The Philippines has recently made its mark in the global stage by becoming one of the fastest growing economies in Asia. According to major international financial institutions like the World Bank, the International Monetary Fund and other ratings agencies, the country is on the verge of becoming a major player in Southeast Asia and the rest of the world.
One of the hottest place in that benefits from the country’s economic progress is Subic. The former US naval base is one of the two major business spots in Central Luzon (the other is Clark) that has received attention and support from the national government. The city is poised to become a major business centre aimed to absorb businesses from Metro Manila, the country’s government and financial capital. The national government also wants to make it a world-class logistics hub not only for the country but also for many areas in Asia.
Subic’s progress is reflected in the growth of the major industries that operate in it. Here are the major ones:
Port logistics – The former naval based has been transformed into a bustling port. It is home to corporations that are engaged in port transhipment, cargo handling, freight forwarding as well as storage and warehousing.
Vehicle and equipment auction – Subic has also become a major centre for selling and auctioning imported and used excavators and other heavy equipment as well as vehicles and other machines. Numerous vehicle sales and auction centres are based in Subic.
Tourism and leisure – Subic is currently a major tourism centre for local and international travellers. It is also being groomed to be an international cruise destination. Moreover, it houses casinos, hotels, resorts and other spots for recreation and night life.
General aviation – Aside from having port facilities, Subic has also airport and other areas dedicated to aviation. It is also a major place for air cargo handling and warehousing. It also offers maintenance repair and overhaul of aeroplanes from all over the world.
Maritime industry – Apart from airplanes, Subic also services ships and yachts. It is also engaged in shipbuilding.
From being a premiere port and logistics hub to being a major place for trading used excavators and other heavy equipment, Subic is fast becoming an economic bright spot in the Philippines and in the world.