SBMA collects stale debts from locators

SUBIC BAY FREEPORT — The Subic Bay Metropolitan Authority (SBMA) has collected a total of R148.6 million from stale debts and pastdue accounts from business locators inside this premier Freeport as part of the agency’s aggressive collection program.

According to SBMA Chairman Wilma T. Eisma, the agency has collected a total of R148.6 million from rentals, sublease shares, common use service area (CUSA) fees and other accounts receivable in the last 15 months.

The collection included long-time debt payments by Freeport-registered companies in the amount of R101.9 million and $593,118, and housing payments of R6.5 million and $172,922.

SBMA accounting officials said some of these debts have been incurred as early as year 2000, but have remained unsettled in the past 17 years.

“This is proof that just by consistently applying existing laws and policies and actively engaging our stakeholders in Subic — listening to them and figuring out mutually acceptable solutions, we can accomplish much,” said Eisma.

“Besides, looking after the interest of the government as regards the operation of the Subic Bay Freeport Zone is a duty we cannot shirk; we have to go after those who have debts, and we have to do this decisively,” she added.

Eisma said the campaign has only met support from business executives here who understood the purpose and approved the reform measures.

SBMA records showed that a lot of indebted companies have availed of payment schemes approved by the SBMA Board of Directors, allowing them to amortize past-due accounts over a certain period of time.

Some of the biggest locators that recently made upfront payments or availed of payment schemes included the Lyceum of Subic Bay, which paid R31.5 million for both arrears and advance rent; Global Daeil Subic, Inc., which signed a payment deal for R16.6 million; and Subic Bay Yacht Club, Inc., which availed of a similar repayment scheme for R11.8 million.