SBMA bares 48% hike in port revenues

The Subic Bay Metropolitan Authority (SBMA) reported yesterday that revenues from vessel and cargo charges, storage fees and other port services at the Subic Bay Freeport rose by 48 percent to P183 million last year from P123 million in 2000.

SMBA chairman Felicito C. Payumo said the increase was due to the installation of bulk handling facilities under the SBMA modernization program.

"The increase in collection was due to a rise in ship calls, transshipment operations, as well as cargo volume on import and export shipments after the SBMA implemented a port development program," Payumo said.

According to SBMA head of seaport department Augusto Canlas, Subic’s port collection in 2001 went up by P60 million to P183 million from 2000’s level due to a rise in domestic and foreign ship calls.

In the last quarter of 2001 alone, Subic posted a sharp 65-percent increase in revenue collections from P29 million in 2000 to P59 million in 2001.

Canlas reported that containerized cargo reached 1.5 million metric tons last year.

He also said the seaport modernization program is well on its way following a joint venture agreement between project rivals International Container Terminal Services Inc. and Royal Port Services Inc.

At present, a P160-million port development project is being undertaken by the Tacome Integrated Port Services Inc. which will put up a modern fertilizer cargo terminal at Subic’s Boton Wharf while Mega Equipment International Corp. is constructing a bulk handling facility worth P450 million.

The Japanese government also approved a ¥16.45 billion (P6.8 million) economic loan that would fund Subic Bay development projects under Japan’s special loan package.