SBMA reports positive first quarter

The Philippines’ Subic Bay Metropolitan Authority (SBMA) has approved Php1.5 billion (US$31.3 milllion) in new investments in the first quarter of 2009, topping by 13.6% the volume of new investments in the same period last year. The new investments represent the project cost of 30 new projects approved in the January-March period this year, bringing to 966 the total number of registered investors in SBMA. The growth has made SBMA authorities optimistic that the Subic Bay Freeport, whose businesses environment has been directed towards industries that require less, if not total independence, on foreign markets, will weather the current economic downturn. SBMA reported an income of Php130.21 million (US$2.7 million) for the Subic Freeport in the first quarter of this year, topping its Php67.21 million (US$1.4 million) target by 193.7%, an all-time high for the agency. Revenue sources include cargo charges, building leases and rentals, processing fees and port-related services. (April 15, 2009)