SBMA Jan-April revenue hits P614.28M

SUBIC BAY FREEPORT: Various strategic units of the Subic Bay Metropolitan Authority ( SBMA) contributed more than P1 billion in operating revenue in the first four months of the year for a 9.5 percent increase over P919.6 million a year earlier, the SBMA said on Friday.

Minus operating expenses of P313.5 million and bad debts of P78.2 million, the SBMA reported P615.28 million in earnings before interest, taxes, depreciation and amortization (EBITDA), up 10.2 percent or P56.9 million from P558.3 million in the same comparable period.

“We’re very much optimistic that while 2016 was considered a banner year in SBMA finances, we just might be able to top that at the rate we’re going this year,” SBMA Administrator and CEO Wilma T. Eisma said.

“The SBMA is actually riding an upward trend that began in the past few years, and I believe we can sustain that and that further growth will continue,” she said.

Among the biggest revenue contributors were the Port Photo shows a cargo ship at the New Container Terminal in Subic Bay Freeport. Authority Group, which delivered P476.4 million in the first four months. The Business and Investment Group followed with P426 million; Public Services Group with P67.5 million; Regulatory Group, with P18.38 million; Chairman and Administrator’s Group with P9.25 million; and Support Services Group with P7.19 million.

The SBMA Tourism Department reported a 28 percent increase in revenue from tourists and visitors.

In January to April, a total of 894,603 visitors and 161,046 tourists arrived in Subic, up 70,648 and 30,284, respectively from a year earlier. The figures this year included some 289,600 visitors who arrived at the Subic Freeport for the Holy Week.

Among the events that generated tourism traffic were the arrival of the luxury cruise ship MS Bremen and the three- day Summer Siren beach music festival.