The economic development of the Philippines is poised for a significant boost with the forthcoming investment by Bahrain Princess Shaikha Jawaher Bint Khalifa Al Khalifa in various sectors within Subic Bay Freeport.
During her visit to the freeport on January 10, 2024, the distinguished entrepreneur and philanthropist expressed keen interest in projects spanning airport, port expansion, fuel depot, renewable energy, cyber security, and tourism.
The Bahraini princess's investment is anticipated to bring about positive impacts on the Philippine economy, particularly in terms of job creation, infrastructure development, trade facilitation, and environmental conservation.
This infusion of capital will create employment opportunities for Filipinos, both directly and indirectly, fostering the growth of skilled and unskilled labor markets, as well as supporting suppliers and service providers. Furthermore, the investment aligns with the princess's commitment to women's empowerment and youth education, contributing to the development of human capital.
The Subic Bay Freeport's physical and digital infrastructure will undergo enhancements, positioning it strategically for regional trade and commerce. Improvements to the airport, port, fuel depot, and cyber network will bolster capacity, efficiency, and security. Additionally, the investment will drive the expansion and diversification of renewable energy sources in the freeport, including solar, wind, and hydro power.
The investment is poised to facilitate increased trade and investment flows between the Philippines and Bahrain, as well as other Gulf Cooperation Council (GCC) markets. It will stimulate the export of Philippine products and services, including agricultural, industrial, and creative goods, capitalizing on the demand and purchasing power in GCC markets. Moreover, the princess's influential network in the GCC region is expected to attract additional foreign investors to Subic Bay Freeport.
Environmental sustainability in Subic Bay Freeport, recognized for its natural and cultural heritage, will be a key focus of the investment. Adherence to environmental standards, international best practices, and the promotion of conservation and restoration efforts for natural resources and biodiversity, such as forests, mangroves, coral reefs, and wildlife, are integral aspects of the investment's environmental agenda.
As the investment is still in the preliminary stage, the Subic Bay Metropolitan Authority (SBMA), the governing body of the freeport, is actively coordinating with the Bahraini princess and her companies—Green Aventurine Holdings, Future8 L.L.C., and Nfinity8 Group—to finalize project details and terms, ensuring a successful investment process.
This significant investment reflects the confidence and trust foreign investors have in the resilient Philippine economy, which has demonstrated recovery amid the global pandemic. It also underscores the enduring and amicable relations between the Philippines and Bahrain since 1978, with expectations of further strengthening bilateral ties and fostering regional integration and development in Asia and the Middle East.