SBMA Breaks Own Record, Net Income Up 32%
by Vic V. Vizcocho, Jr.
Subic Bay Metropolitan Authority (SBMA) has reported that 2013 was another banner year for the government agency, particularly in financial performance, investment promotion and other areas.
In a preliminary accomplishment report, Chairman Roberto V. Garcia said SBMA’s net income upped by 32% to P1,041.98M, breaking its own all time record.
He added that such numbers were achieved despite payment of all three foreign loan amortizations for the year, while at the same time managing to build up a cash balance of over P500M.
“(This is) a testament to sound fiscal management expected to redound to the benefit of the stakeholders of the Freeport on the long-term,” Garcia said.
He attributed the financial stability and viability of SBMA to the substantial 8.9% increase in Internal Revenue collections from roughly P1,278M in 2012 to approximately P1,392M in 2013 and the country-wide best Customs collection of some P10,840 M in 2013, a staggering 71% increase from around P6,329M in 2012.
SBMA also topped its 2013 investment promotion prediction of five-fold increase on 2012 investments, recording an eight-fold increase instead at P24B for tourism, export industries and other businesses.
Garcia also reported achievements on Good Governance, Security, Environmental Protection and successful efforts in obtaining additional areas for development, with an agreement with the town of San Antonio, Zambales, which offered 10,000 hectares to the SBMA, as well as expansion of the Freeport to cover some 650 hectares of coastal lands in Subic Town .
