Korean firm commits to invest USD1-B in Bataan

Freeport Area of Bataan (FAB) Chairman Emmanuel Pineda announced that a new locator has committed to invest USD1 billion at FAB.

Pineda and Virgilio Pagulayan, President of The BizLink, Phils., signed a memorandum of agreement on the Korean firm’s investment on Wednesday, September 26.

BizLink is a Korean firm with subsidiaries in various parts of the world.

“It is the 137th company in the Bataan freeport. Definitely, it is among if not one of the biggest investors in FAB,” Pineda said. “It will invest USD1 billion or around PHP54 billion.”

According to Pineda, the firm is seen to generate 10,000 jobs upon full completion of its projects in three sites.

A multi-storey Information Technology building will soon be in the works. It will house an IT school that intends to have 1,000 graduates every year.

A 26-hectare property for a mixed-use complex will be developed by the BizLink, as well.

“I will see to it that with the help of the people around me, we will deliver what is expected of us,” Pagulayan said.

Presently, FAB has 41,000 workers in 136 multinational companies.

Ritchel Mendiola
Ritchel Mendiola

Ritchel Mendiola is a feature writer based in the Philippines. In addition to writing for Balikbayan Magazine, she is a news correspondent for Asian Journal News-Manila.

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