Eisma: Subic to maximize opportunities in ‘new normal’

While the Covid-19 pandemic continues to bring about economic slowdown and affect growth areas like the Subic Bay Freeport, the Subic Bay Metropolitan Authority (SBMA) will make best use of the evolving local and global economic situation, said SBMA Chairman and Administrator Wilma T. Eisma.

“We will capitalize on opportunities under the new normal and find new ways to handle new problems,” Eisma said on Monday when asked about agency plans for this year.

“While we foresee more difficulties ahead, as it appears Covid-19 won’t be eradicated anytime soon, our development program for Subic Freeport is intact, operational, and we are moving on,” she added.

In her recent State of the Freeport Address (SOFA), Eisma identified challenges Subic faces this year: the continuing Covid-19 pandemic and the resulting weakened financial position of the SBMA; effects of Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law on businesses here; and the proposed cancellation of the Visiting Forces Agreement (VFA) that may adversely SBMA revenue.

However, she said the SBMA will meet problems head on through well-laid out plans. “If we can’t change the direction of the wind, we can always adjust our sails to favor the ship and continue with our journey,” the SBMA chief said. “Chance always favors those who are prepared.”

Under it 10-Point Development Agenda, Eisma said the SBMA will undertake the following:

• Policy Reforms and Good Governance: Update policies, guidelines, and best practices, and solidify partnership with relevant sectors in the fight against Covid-19; intensify campaign against corruption, illegal drugs, smuggling, and illicit trade; lobby for laws that would provide broader revenue base.

• Sustainable Development: Pursue better environmental management systems and health and safety standards; develop alternative water sources, and improve sewage and septic facilities; identify new revenue-generating measures.

• Safety and Security: Come up with better monitoring and surveillance systems, upgrade perimeter security, and update hardware for law enforcement and fire protection; strengthen partnership with PNP, PDEA, NBI and other agencies and intensify drive for a drug-free Freeport.

• Community Engagement: Strengthen cooperation projects, including anti-Covid 19 programs, with local government units and stakeholder groups; initiate more community-oriented projects, town-hall meetings, and other interaction.

• Locator Service Excellence: Further cut red-tape, streamline processes, and promote better access for investors; further support locators with economic relief measures; enhance Subic appeal to business.

• Subic Bay Freeport as Gateway: Upgrade facilities for air and sea ports, and set up modernization and marketing programs; support government initiatives in establishing better linkages with nearby economic zones and markets.

• FDIs and MSMEs: Developing new areas for industrial and commercial use; encourage pioneering investments to open up new industry sectors and shift to newer business models; closely work with the Department of Trade and Industry (DTI) to give access and opportunities to micro, small and medium enterprises.

• Tourism Star: Establish Subic as the must-go destination for sports, pageants, conferences and other events under the “bubble” concept; promote Subic as the capital for theme parks, triathlon, sailing, and the next cruise ship playground; capitalize on domestic tourism to revive local businesses.

• Build, Build, Build: Replace decades-old roads, bridges, drainages and other public facilities; support government initiatives to improve the viability of Subic as a special economic zone and growth center; and

• Freeport Expansion: Develop a new Subic masterplan with the Japan International Cooperation Agency (JICA) and study reclamation as strategy to address limited land spaces; develop Tipo and Redondo areas for industrial and commercial uses; work with neighboring LGU’s to identify and develop expansion areas. (MPD-SBMA)

PHOTOS:

[1] A cargo ship docks at/steams out of the Subic port: SBMA Chairman and Administrator Wilma T. Eisma says the Subic Freeport will capitalize on trade opportunities under the “new normal” 

[2] SBMA Chairman and Administrator Wilma T. Eisma lays down the SBMA action plan for 2021 during her State of the Freeport Address

Read More

State of the Freeport: SBMA reports P3.2-B earnings, 69 new projects despite Covid-19 pandemic

While the Covid-19 pandemic derailed global economic growth, the Subic Bay Metropolitan Authority (SBMA) reported continuing growth in the Subic Bay Freeport Zone in 2020, including P3.2 billion in operating revenue, 69 new investments and expansion projects worth a total of P1.55 billion, and exports of $1.03 billion.

SBMA Chairman and Administrator Wilma T. Eisma, in her State of the Freeport Address (SOFA) that was streamed online on Thursday, attributed Subic’s remarkable growth last year to sound economic fundamentals and strict adherence to government health protocols.

The SOFA presentation, an annual project of the Subic Bay Freeport Chamber of Commerce (SBFCC), was held virtually this year and broadcast over social media—the first time in 14 years of the group’s existence.

Eisma said that while Covid-19 crippled Subic’s emerging economic niche of cruise tourism, “Subic survived for the most part.”

“The impact of the Covid-19 pandemic did not completely erode the solid business foundation we built over the years. Our sound policies gave us the toughness to weather the storm, while proactive measures to fight Covid-19 gave us the resilience to be able to bounce back after some beatings,” Eisma said in the SOFA.

The SBMA chief then proudly ticked off positive figures recorded in 2020 by the Subic agency in its key measures. Among them are: P3.2 billion in operating revenue and P1.51 billion in operating expense; P9.2 billion in cash and investments; P6.3 billion in other assets; P30.73 million in contribution to the National Treasury; P278 million in remittances to local government units (LGU’s); P131 million in income tax remittance; and P990 million in dividends.

Eisma also noted that the Port of Subic recorded stellar numbers with $1.12 billion in imports and $1.03 billion in exports. The Subic port also recorded 226,000 twenty-footer equivalent units (TEUs) of containerized cargo volume and 7.09 million metric tons of non-containerized cargo last year.

With these, the Port of Subic generated a total of $1.2 billion in revenues last year, while the Subic Bay International Airport earned a total of P62.9 million.

In the tourism sector, Eisma said Subic recorded 5.19 million in visitor arrivals and .29 million in tourist arrivals, while generating P8.48 million from actual tourism activities despite Covid-19 restrictions.

“And even as a lot of sectors were ravaged by the economic downturn, the Subic Bay Freeport welcomed a total of 69 new investment projects,” Eisma also reported. She said the new projects were mostly in the fields of construction, health and wellness, logistics, and information and communication technology.  These new projects yielded total committed investments of P1.39 billion and 682 new jobs.

On the other hand, Eisma announced that existing Subic locators set up 11 expansion projects in 2020. These are in construction, leisure, real estate, logistics, and petroleum trading, and generated a total of P163 million in new investments, as well as 264 additional employment.

She added that despite job losses when some firms closed or cut back manpower during the pandemic, the new projects, particularly in manufacturing, still brought the total Subic Freeport workforce to 138,966 workers, the highest level since Subic Freeport was established in 1992.

“Our experience in the past months of the Covid-19 pandemic tells us that it really pays to keep safe, and that there’s a reason for following rules—not only for our personal physical health, not only for the protection of our loved ones and our community, but also for economic reasons,” Eisma also pointed out. (MPD-SBMA)

PHOTOS:

[1] SBMA Chairman and Administrator Wilma T. Eisma announces continuing growth in the Subic Bay Freeport despite the impact of the Covid-19 pandemic in her State of the Freeport Address.

[2] Subic Bay Freeport Chamber of Commerce President Benjamin Antonio III presents recognition to SBMA Chairman and Administrator Wilma T. Eisma after her State of the Freeport Address.

Read More