The other bidder, Toyo Corp. of Japan, submitted a quotation of P5.589 billion which is P363 million higher.
However, the award will be made only after the SBMA has evaluated the bids.
SBMA Chairman Felicito Payumo said the bid committee will need about 30 days to validate the figures submitted by the bidders.
The SBMA had estimated that the construction phase of the project would cost around P6.9 billion.
The financial bids of the two bidders were opened yesterday in front of representatives from media, officials of the local chambers of commerce and representatives of the bidders.
The Subic Bay Port Development project involves the construction of a new container terminal and renovation of existing wharves. It is to be located at the existing Subic International Airport.
Official funding for the port development has been approved and granted by the Japan Bank for International Cooperation (JBIC) in the amount of $215 million.
The bidding was not marred by any protest from the camp of Tourism Secretary Richard Gordon which had raised environmental concerns about the location of the new port.
The bidding process, Payumo said, followed the procedures prescribed by JBIC.
The two bidders had earlier submitted technical bids which were used as the basis for their final prequalification for the financial bidding.