07 July 2009

SBMA’s 1st half seaport revenue exceeds 12-month figure in 2008

Authorities here reported on Monday that total revenue generated by the Subic Bay Metropolitan Authority (SBMA) from seaport operations in the first six months this year have already exceeded the total 12-month income in 2008.

“This is a result of the efforts by the SBMA to aggressively market the Subic port and to attract more shippers, importers, brokers and forwarders to Subic,“ said SBMA senior deputy administrator for operations Ferdinand Hernandez.

Hernandez said Subic seaport’s six-month revenue rose to P276.49 million this year, thus surpassing last year’s 12-month record of P276.24 by 0.09 percent or P244,153.

According to the SBMA Seaport Department, Subic’s seaport has consistently shown an upward trend since 2005, with a 5.41 percent growth recorded in 2006; 14.29 percent in 2007; and 26.63 percent in 2008.

“Now, we are confident that at the rate we’re going, our figure at the end of this year may even be double that of last year,” Hernandez said.

In the month of June alone, the SBMA Seaport Department recorded an income of P60.69 million, the highest monthly revenue ever recorded in the last five years..

The Subic seaport also earlier posted record-breaking monthly revenues this year: P37.62 million in January, P41.57 million in February, P51.01 million in March, P44.49 million in April, and P41.07 million in May.

The SBMA said seaport revenues were derived from vessel and cargo charges, leases or rentals, processing fees, SBMA shares from joint ventures, and other billings for port users.

For the first semester of this year, the bulk of seaport revenue came from vessel charges, totalling P112.11 million.

According to Hernandez the SBMA Seaport Department has pegged its revenue forecast for 2009 at P316.3 million.

“This means that our current first-half figure of more than P276 million is already 87.41 percent of our P316.3-million goal for this year,” Hernandez stressed.

“Hopefully, we will exceed our target at the end of the year,” he added.

SBMA seaport manager Perfecto Pascual said that the SBMA’s goal-setting program has so far worked wonders for the seaport department.

He said that when his department first made a revenue forecast in 2006, seaport income rose significantly when they achieved 94.75 percent of its P201.46-million forecast. This was followed by a 93.54-percent completion of the P233.21-million forecast in 2007, and the chart-busting record of 121.05-percent in 2008 when Subic posted an actual revenue of P276.24-million against a forecast of P228.2 million.

Hernandez said that among the factors that largely contributed to this year’s unprecedented revenue collection were the operation of Subic’s New Container Terminal 1 (NCT-1) by the Subic Bay International Terminal Corp. (SBITC), income from vessel lay-ups, as well as wharfage fee for petroleum products, fertilizer, and grains like soya and wheat.

Hernandez also attributed Subic’s growing seaport income to the government’s complementary program on infrastructure development.

“All these record-breaking figures are because of President Gloria Macapagal-Arroyo’s vision for Subic and the huge investments in infrastructure like the Subic-Clark-Tarlac Expressway (SCTEx), the North Luzon Expressway (NLEx), and the Subic Port Development. All together, these have greatly enhanced Subic’s performance as a logistics hub,” Hernandez added. (SBMA Corporate Communications)