Subic Bay Freeport - The Regional Development Council of Region 3 (RDC 3) recently cited the Subic Bay Metropolitan Authority (SBMA) for the financial and investment strides it had achieved in the past three years.
In a resolution passed by the RDC 3 last January, the council commended the SBMA for "the financial viability of the authority, improving the collection of customs duties and other taxes, as well as increasing investment commitments within the Freeport and Special Economic Zone, and for optimizing container traffic at Subic Port".
According to the same resolution, "SBMA was able to restore the financial viability of the authority by posting annual net incomes ranging from Php0.8 billion to Php1.3 billion from 2012 to 2014, a complete turnaround from the negative income streams ranging from Php0.2 billion for six (6) consecutive years starting 2006 to 2011".
SBMA chairman and administrator Roberto V. Garcia recently reported that SBMA hit new record highs in its 2014 financial performance, as it scored a net income of P1.6 billion vs. its 2013 income of P1.1 billion for a substantial increase of 40 per cent.
The RDC 3, which serves as the counterpart of the National Economic and Development Authority (NEDA) Board at the sub-national level in Region 3, likewise noted in its resolution that the SBMA's implementation of various trade facilitation measures and innovations in systems and procedures had boosted the collection of customs duties and other taxes.
Through these actions by SBMA, "...the collection of customs duties and other taxes in within SBF-SEZ increased dramatically from Php7.2 billion in 2011 to Php16.8 billion that corresponds to 233 percent growth", the RDC 3 said.
The NEDA regional office likewise cited the Subic agency for maximizing container port traffic in the Subic port and for initiating "business process improvements and promotion activities that boosted investment commitments fromPhp3.6 billion in 2-13 to Php9.7 billion in 2014".
Due to the renewed business and manufacturing climate in the Freeport, the RDC 3 said that the gross revenue share of affected local government units correspondingly increased by 40 percent, from PhP145 million in 2011 to PhP203 million in 2014.
Garcia welcomed the RDC 3's commendation and assurance of full support to SBMA's development efforts geared toward making Central Luzon a leading regional transhipment and global gateway.
"The Agency's sterling three-year record performance could be attributed to good governance, the implementation of its strategic initiatives, and the hard work of the Agency's management and employees," Garcia said. (30)