Plans For Subic’s Future Bared

SUBIC BAY FREEPORT — “Let the lessons of the past and the opportunities of today help us realize the vision of the New Subic that we dream of.”
This was the statement made by Subic Bay Metropolitan Authority (SBMA) Chairman Roberto Garcia during his first State of the Freeport Address (SOFA) inside the Subic Bay Exhibition and Convention Center (SBECC).
According to Garcia, despite the recent downturn in the global economy, cumulative investments inside this Freeport has risen to 17 percent in 2011 from the previous year.
Freeport’s cumulative investment in 2010 is pegged at P7.167 billion while 2011 showed a leap of 17 percent, earning P8.403 billion in cumulative investments.
He added that committed investments here were up last year by 2 percent as 2011 showed $1.236 billion while 2010 has $1.210 billion. Foreign investors, Garcia said, is still the major income generators of this Freeport as Foreign Direct Investments (FDIs) currently earn $1.074 billion compared to local investors who generate some $160 million.
Employment inside this Freeport is also up by only .5 percent as 2011 showed a strong Freeport workforce of 88,957 while 2010 showed 88,450 workers, a difference of 507 workers who were employed in 2011.
Collections from both the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) were also up by just a smidge as 2011 showed P7.160 billion in collection while 2010 showed a collection of P6.680 billion.
Currently, Subic Bay Freeport is facing challenges such as a total cumulative loss of P7 billion since its creation in 1992.
Garcia reiterated that the loss incurred by the SBMA is due to the low lease rates being given to investors, lack of additional land for new and expanding companies, along with an under-utilized airport, under-utilized container terminal 1, and ageing infrastructures and equipment.
But Garcia also pointed that there is a way to alleviate the current problems the SBMA is facing. He presented a five-year strategic plan that would develop tourism niche markets, focusing on the operation of this Freeport into becoming the theme park capital of the country.
He also said part of the facelift is making this Freeport into a top sports tourism destination, a cruise ship destination, and an eco tourism activities area.
He also wants to promote maritime businesses here, DOTC’s support to attract maritime logistics players to do business in the Port of Subic, sighting the potentials of the Freeport by building container volume by matching business interests of major Luzon shippers and shipping lines, maximizing the Vale ore transshipment project, developing Subic as homebase for super yachts, and increasing repair and maintenance facilities for boats and ships.
Part of this five-year plan is also the development of housing areas that include high-end residences, middle-class housing, and workers’ dormitories.

http://www.mb.com.ph/articles/352885/plans-for-subics-future-bared