NEWSFLASH

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SUBIC INVESTMENTS HIT $3 BILLION

Bay Freeport, Nov. 22, 1997 - Investors continue to flock to this former US Naval base at an average of 60 companies per year since 1993, generating nearly $3 billion in investments over the past 5 years.

Subic Bay Metropolitan Authority (SBMA) chairman Richard Gordon praised the people of Olongapo on the fifth anniversary of SBMA, saying that "those who took that leap of faith and shared in the vision are now reaping the fruits of their sacrifices and commitment."

Some 8,000 volunteers responded in 1992 to Gordon's call for the people of the city of Olongapo to work together in protecting and maintaining the facilities of Subic Naval Base for potential investors to build on.

President Ramos himself noted in last year's anniversary rites that "the most exciting and dynamic industries and business enterprises, and also the most energetic and best-motivated Filipinos" could be found in Subic.

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