WB lauds Subic Bay Freeport

The World Bank has once again lauded the Subic Bay Freeport for its accomplishments.

A World Bank mission headed by World Bank portfolio manager Aloysius Ordu recently visited the freeport to check the progress of the projects funded by a $100 million loan from the bank.

"I am absolutely delighted to report that this mission is satisfied with our findings," Ordu said, adding that "most of the deliverables we set have been met beyond expectations making us proud to be associated with the success of the SBMA."

Subic Bay Metropolitan Authority (SBMA) chairman said the World Bank mission also expressed satisfaction with the implementation of the Subic II master plan by the SBMA.

Payumo said the Subic II master plan is a "pioneering attempt to integrate the freeport into a regional economy and play a leading role in its progress."

Some of the projects that are being funded by the World Bank are the construction and improvement of roads and bridges leading to the port of Subic and Subic Bay International Airport (SBIA), the port modernization project and the Subic-Clark-Tarlac road.

"The bank’s interest in helping the economic development of the Subic Bay Freeport is to make Subic an ideal and opportune place for international business to come in," Ordu said.