Comments on: Big News for Subic Bay

By: Philly

Philly — Sun, 07 Jun 2009 00:21:44 +0000

Don’t know anything else as of yet, Brix. I wasat Subuc a few weeks ago, the numbe rof hotel and condo building projects are astouding … a guy would have to live there and make afull-timne job out of keeping them all straight I think. I laugh when I pass through every time about the \world-wide’ economic crisis’ and the typical Amerocan dismissive comment about the Philippine’s “third-world” status. Someone forgot to tell these folks.

Nit saying that hard times can’t come in the future, but I see nothing on the visible horizon. One rerason Subic is such a hotbed of activity, I thinbj, is that it’s prime land, available at what amounts to very reaonable prices, there’s only one offrice to deal with … no making the rounds of dozens of government agencies, foreigners can own businesses, and decent American-built, American-style housing is available on excellent terms.

By: Brix

Brix — Sat, 06 Jun 2009 23:51:24 +0000

any word if this indeed did push thru?

By: Philly

Philly — Sat, 08 Nov 2008 13:15:24 +0000

@Mindanao Bob: Not sure Bob, although I beleive PAGCOR doesn’t build the existing Casinos … certainly not all of them … they manage and oversea, but there’s a brand new casiono on the water at Subic now that’s directly across the street from an older competitor. I was told that new one was bult by some of the same investors as built the new (second) Hanjin shipyard.

The beauty of the special economic zones is, foreigners cna have full control of their invetsments … the laws on corporations (60% Filipino, etc.) do not apply in the SEZ’s. The land always belongs to the governement of the Philippines, in it’sentirty, but a foreign investor can come in and set up a copnay completely foreign-owned, get permanent residency for whomever they wish to certify, etc. They are ’special’ in more than a name. And there’s only one permitting agency, one tax authority, one profit-percentage-based tax, one police department … who works for the port authority, not for a mayor or a provincial governor, … and many other foreigner advanatges not available anywhere else.

Can’t remember the name now, but there’s a Special economic Zone set up at one of the Mindanao ports already, I believe, but since there was no US base there in the past, there’s not the same class of infrastructure in place. Anyway, the casino was just one thing mentioned in the article so how exactly that will be set up/run is probably not even fully decidided yet.

By: Mindanao Bob

Mindanao Bob — Sat, 08 Nov 2008 10:34:37 +0000

I was under the impression that only PAGCOR casinos were legal in this country. Am I wrong on that, or is Trump going into some kind of partnership with PAGCOR? Certainly he cannot have outright ownership of whatever it is he is doing up there.

By: Philly

Philly — Wed, 05 Nov 2008 04:16:58 +0000

@Ellen: Absolutely a casino is scheduled. But then again there are already several in Subic … PAGCOR is everywhere it seems at times. Will it become more exspensive? Obviously in some ways … but many miss the fact that Subioc will already grow by leaps and bounds due to the Hanjin (Korean-based company) shipyards. Shipbuilding is close to dead in many countries but it’s thrivinghere, they had to open another yard recently to cope with the orders. In the long run, actually producing goods versus ’service’ jobs is what bu7ilds a country’s strength. Since I was aboy i have watched my beleoved US drop from the producer of the world t the consumer of the world, while everyone runs around trying to make money by selling paper.

A thought that seems to escape many … you have to actually produce something, somewhere, in order to make abase for all the ’service’ and ‘investment’ industries have a foundation.

By: Philly

Philly — Wed, 05 Nov 2008 04:09:56 +0000

@Neal in RI: It’s really funny to me, Neal, how often I hear that observation. The Koreans are taking over. In a business sense it certainly has some validity in the Subic/Olongapo area … you see Korean signs on everything. Almost every expat I have ever met here who _has_ worked in the Philippines has been employed in a Korean-English school …and of course the Korean-English schols we see here are only the tip of the iceberg, because the majority of that business is, naturally enough, in Korea … only the low priced contingent comes here.

I’m really a bit mystified as to how any race or ehtnicity ‘takes over’ an area. It most certainly happens, but _how_ it happens I don’t fully comprehend. I can say this, though, I could count on one hand the foreigners I have every met here who have started a business, made an investment or worked 12 or 14 hours a day in something entrepreneurial. I’ve also never met a Korean businessman here.
If I did have a community of Korean freinds, would most of them be in that investment category? Likley. But why, I don’t really know.

I do know that even though I may not be Donald trump’s best buddy, I’m happy at this news becuase it is for sure that we Americans _can_ be as entrepreneurial and work just as hard as anyone, it just seems to me that for years we have not.

By: Ellen

Ellen — Wed, 05 Nov 2008 03:44:34 +0000

Hi Dave, another Hawaii? Will be expensive to live there when it happens. Will there be a casino as well?

It doesn’t take much to invest here to get a resident visa. Compare this to US: I just got news from my friend in Florida that one can invest US$1 million in “government approved” projects to speed up the greencard issuance. Orlando just got approved. One apparently can invest it in 2 units of condo/hotel and then you are allowed to work, or start your own interests in USA. Only 35 foreign investments are allowed. I don’t know much about this – think it is fairly new.

I heard that there is a fair number of koreans here too . In fact, they are starting a condo project in Davao as well.

By: Neal in RI

Neal in RI — Tue, 04 Nov 2008 11:11:31 +0000

Trump has lost his sense of smell, what he is smelling there in Subic is “Shit River”. I had to throw that foul joke in there.
I would much rather see the RP do that type of large scale project, not rely on another Foreign investor. I know a couple of retired Jarheads there in Subic and they say as it is now the Koreans seem to run the place, at least the SBMA area.

By: Philly

Philly — Tue, 04 Nov 2008 09:55:38 +0000

@Mike McMahon: Hi Mike … I share some of your thoughts but over all I think this is aheck of a lot better news than things like drilling for oil imn Palawan, for sure.

As far as driving up proces, yes I don’t doubt it will … but even if Trump dropped out tomorrow there is alot, a lot of Korean money looking for a ‘home’ there, and at least if Trump builds it there will be signs in English .

No doubt at all, though, it will be a mixed blessing.

By: Mike McMahon

Mike McMahon — Tue, 04 Nov 2008 09:48:42 +0000

Hi Dave ~ Can’t suggest I am thrilled with this, mainly because I really don’t like Trump or the sight of him. Still if his name is behind it then it will likely be a huge boost to the local economy. My guess is that when this is complete living in Subic will be as costly as it is in Hawaii.