Subic Freeport exports up due to SBMA-ICTSI jt venture

The joint venture of the Subic Bay Metropolitan Authority (SBMA), the International Container Terminal Services Inc. (ICTSI) and Royal Port Services Inc. (RPSI) for the cargo handling operations at the Naval Supply Depot (NSD) has resulted in increased exports from Subic freeport, SBMA chairman Felicito C. Payumo said yesterday.

According to Payumo, the joint venture firm – Subic Bay International Container terminals Holdings Inc. (SBITHI) has increased port capacity and enhanced international and domestic seaborne commerce in Subic.

He said export from the Subic Freeport had increased to $1.322 billion last year from $1.188 billion in 2000.

For the first half of this year, Payumo said, export value from the port amounted to $422.4 million.

The increase in overall exports from the Subic freeport, Payumo explained, was due to the installation of a gantry crane.

"The SBITHI’s installation of the gantry crane allowed the SBMA to save P219 million in expenses," he said.

The SBMA has also been able to increase its seaport revenues to P250.79 million in 2002 and to a projected P308.46 million this year.

The SBITHI has a 25-year exclusive concession for the NSD waterfront area.

It also has the right-of-first-refusal for Terminal I of the proposed Cubi Container Port which will be funded by the Japan Bank of International Cooperation (JBIC).