21 March 2016

SBMA: 2015 4th successive record year

The Subic Bay Metropolitan Authority (SBMA) has recorded another chart-busting performance in 2015, as the Subic agency continued with its unparalleled growth since 2012.

SBMA Chairman Roberto Garcia, in his 4th State of the Freeport Address (SOFA) here on Wednesday, said the authority managing the country’s premier free port had successfully implemented new revenue initiatives last year, resulting in the biggest revenue and operating income since 1992.

The growth in various key areas, Garcia said, helped the SBMA shatter its own financial charts last year with the gross revenue of P2.75 billion and operating income of P1.48 billion the highest in the 23-year history of SBMA. Adjusted for unrealized foreign exchange losses, net income of the Agency increased by 26 percent.

The impressive financial performance by the SBMA included a 21 percent increase in revenue by the authority’s maritime and logistics business unit, which pulled out a P1.58-billion income last year; a 23-percent increase in committed investments, which grew to P22.8 billion in 2015; and a steady growth in exports, which reached $2.5 billion last year.

Garcia said that some of the major business developments in Subic last year were the launching of a $30-million mill project by the Singapore-based Interflour Group; the start-up of the 150-megawatt solar and wind energy project by Jobin Inc.; and the approval of a $10-million project by Datian Subic Shoes, Inc. for the manufacture of footwear, among others.

Meanwhile, employers in the Subic Bay Freeport generated 4,693 new jobs in 2015, increasing the local workforce to a total of 101,651 at the end of the year. SBMA’s contribution to the National government consisting of BOC, BIR collections and dividends of P19.3 grew by 8 percent over 2014.

Tourism also continued to grow, posting a 14 percent growth in 2015 and registering a total of 7.7 million in visitor arrivals.

With these developments, Garcia said the SBMA will aim this year to create new industrial parks, establish linkages with other global ports to further boost port utilization, increase revenue collections and capital expenditure program, and continue with its good governance initiatives.

“We must leave a legacy, and continue to take advantage of the present favorable economic environment,” Garcia told SBMA employees and members of the Subic Bay Freeport Chamber of Commerce, which sponsored the forum.

“The Philippines is projected to become one of the world’s 16 largest economies within the next 35 years — it is now at Number 39 — so the time for the Philippines is now; the opportunity for Subic is now,” Garcia also said. (HEE/MPD-SBMA)

SBMA Chairman and Administrator Roberto V. Garcia reaffirms the commitment of the Subic Bay Metropolitan Authority to pursue the sustainable development of the Subic Bay Freeport Zone during his 2015 State of the Freeport Address (SOFA) on March 16 at the Subic Bay Exhibition and Convention Center. The SOFA is an annual event organized by the Subic Bay Freeport Chamber of Commerce. (AMD/MPD-SBMA)