SBMA reports 12% earnings hike

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SUBIC BAY FREEPORT: The Subic Bay Metropolitan Authority (SBMA) earned P1.7 billion last year, up 11.89 percent from P1.5 billion in 2014.

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The money enabled the agency to sustain its operations and fund more development projects at the Subic Bay Freeport, SBMA chair Roberto Garcia said.

“This positive inflow permitted us to undertake several infrastructure projects that were designed to improve the attractiveness of the Freeport to investors,” Garcia noted.

“The more we improve the Freeport, the more we earn; and the more we earn, the more we can afford further developments,” he added.

Garcia said the earnings of P1.7 billion were derived from P2.75 billion of operating revenue, less P1.05 billion of operating expenses.

A report by the SBMA Finance Group noted the agency made money from leases, port services, tourism services, and other operating.

The agency, on the other hand, incurred operating expenses of P266.4 million in manpower; and P784.3 million in maintenance and other operating expenses.

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