SBMA revenue, income, investments up in Q1 ‘17

SUBIC BAY FREEPORT — Subic Bay Metropolitan Authority (SBMA) Administrator Atty. Wilma Eisma reported significant gains in trade and investments in this Freeport during her State of the Freeport Address (SOFA) at the Subic Bay Exhibition and Convention Center (SBECC) on Monday.

“Take into account earnings last year, what we have accomplished last year can certain be improved upon or learned from,” she said.

She stressed that Subic Bay Freeport has earned R676,346,130 in the first quarter of 2016, while this year’s first quarter revenue rose by 7.59 percent to R727,676,474.73.

She added that the Freeport has a net income of R46,768,716.47 during the first quarter of this year, a 148.69 percent increase from last year’s R18,805,859.72.

She also announced that the total cash and investments made by the Subic Bay Freeport is R4,573,536,715.35, a 24.84 percent increase from last year’s R3,663,556,564.35, while debts decreased by 8.79 percent, from R7,284,520,865.20 last year to R6,644,026,284.10 this year.

Eisma also pointed out that Key Performance Indicators such as the number of investments, new locators, import value and export value all rose significantly for Subic Bay Freeport.

“The number of total new investments here have slightly increased by one percent, from last year’s R1,406,476,765 to R1,420,747,404 this year.”

“We also have 47 new locators this first quarter, while our import and export value increased. Last year’s import value was at US$653,825,044, now we have US$2,754,275,198, a huge 321 percent increase,” Eisma said.

Meanwhile, last year’s export value of US$406,093,208 has increased by ten percent, pushing the figures to US$536,363,345.

Companies such as Datian Subic Corp. and Toyota Subic who located in Subic Freeport this first quarter has been a major factor in the increase of the stats aforementioned, along with the approval of Dynamik Konstruk Corp.’s R42-billion investment for industrial park development and renewable energy project.

“The SBMA has also given the gosignal for ship to ship transfer of liquefied natural gas (LNG-STS) by Teekay Swan’s and JOVO’s Ship-to-Ship which is expected to earn an annual port revenue of P200M,” Eisma said.

Another billion-peso investment is the DM Leisure Corp.’s PHP4.6billion golf course and leisure complex project.