SUBIC BAY FREEPORT – Amid the challenges brought by the coronavirus disease 2019 (Covid-19) pandemic to investors, the Subic Bay Metropolitan Authority (SBMA) managed to generate some PHP3.47 billion in revenues last year, which indicates an 8 percent growth in income, and other major accomplishments in key performance areas.
SBMA chairman and administrator Wilma T. Eisma, in a statement on Wednesday said, “while a few indicators remain impacted by the Covid-19 pandemic, the general trend is upward where the SBMA was able to accelerate growth and surpass its performance in the previous year.”
She said the figure is PHP270 million or 8 percent higher compared to that of the same period in 2020.
Eisma said most of the revenues came from leases and port operations, with land and building leases growing by 2 percent and contributing PHP1.38 billion, and seaport operations growing by 14 percent and generating PHP1.37 billion.
She also reported that the agency’s regulatory income increased by 11 percent and provided PHP408 million in revenue, while airport operations grew by 26 percent and contributed PHP79 million.
The SBMA head likewise cited positive reports in investment and employment generation, tourism, imports, and exports.
The SBMA recorded a total of 142,177 Subic Bay Freeport workers as of Dec. 31, 2021, showing an employment increase of 2.31 percent from 138,966 workers in 2020.
“Subic Bay Freeport Zone (SBFZ) business locators, meanwhile, numbered 1,737 as of December 31, continuing a slight upward trend since 2019,” Eisma said, adding that new investments, including expansions, totaled PHP17.29 billion.
The 2021 record even topped the pre-pandemic 2019 level by PHP8.05 billion, or 87 percent, with the bulk comprised of a PHP15-billion commitment from a business locator, which proposed to develop the SBFZ marshaling yard.
Meanwhile, Eisma said the pandemic-hit tourism industry in Subic is recovering, with a recorded total of 7.3 million same-day visitors in 2021, which is 42 percent higher compared to the year 2020 record of 2.3 million.
In terms of trade, she said the Subic Bay Freeport “defied the negative impact of the pandemic by recording a total of USD1.58 billion import value in 2021, which was 49.53 percent higher than the 2020 import value of USD1.12 billion.”
On the other hand, Subic’s export value reached a total of USD1.37 billion, which was 32.42 percent higher than the 2020 export value of USD1.03 billion.
Both import and export values respectively exceeded the 2019 pre-pandemic records by 8.12 percent and 6.73 percent, Eisma added.
The Subic Bay International Airport (SBIA), which was tapped by the Department of Transportation to accommodate “Bayanihan” flights, has recorded 53 flights as of December 31, bringing home a total of 14,312 overseas Filipino workers and returning overseas Filipinos.
The SBIA generated PHP3.17 million in direct revenues for the SBMA. (PNA)
