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Published: July 2, 2018, 22:00
By Bernie Cahiles -Magkilat
Subic Bay Freeport gets an additional 24,725 hectares, the majority of which come from nearby towns, to extend the former US Navy This expansion base, which may lack space, can offer new investors and expand existing locators.
From this expansion area, five neighboring towns first allocated a total of 21,495 hectares to the port of Subic Bay Freeport. on the property to rent to more investors in the former US naval base.
Data showed that six local government units initially allocated these properties for Subic expansion. The most important lot is San Marcelino with 10,000 hectares, San Antonio with 9,000, Olongapo with 900 hectares, Subic with 500 to 600 hectares, Hermosa 505 hectares and Catillejos with 500 hectares.
Subic Bay Metropolitan Authority (SBMA) usually leases properties to investors at certain rates. According to the plan, the lot of San Marcelino would be used for mining, quarrying and agricultural projects while San Antonio would be reserved for the development of resorts and recreation
The LGU allocation of Olongapo would be used for housing projects, light industry and tourism. the 500-600 hectares in Subic could be offered for factories, agriculture and energy facilities.
Hermosa can be developed to house heavy industry, renewable energy, metallurgical industry and truck auctions. The land use of Castillejos can also be used for warehousing of light to medium industry.
The remaining properties come from the Redondo Peninsula with 3,000 hectares; Wilma Eisma, president and administrator of SBMA, has also signed strategic agreements with major US ports for the expansion of Subic and its business plans in 2018.
SBMA's priority is to make Subic a global player in the maritime trade.
In response to growing demands from international trade, the SBMA plans to improve local infrastructure and develop industrial zones while increasing port capacity through national funding. ] SBMA 's goal is to fully develop the Freeport area of Subic Bay by 2022.
"Our priority is to make Subic a more open and competitive free port in international trade. With additional investment prospects in the works, Subic Bay is moving forward with a positive momentum, "said Eisma.
SBMA reported net income of 34% in 2017 to 91 million p 68 million in 2016. Total revenues reached 3 billion p higher than P2.95 billion in 2016.
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