Subic auction draws record bidders despite economic crisis

SUBIC BAY FREEPORT — Despite a looming financial crisis hitting the Asian region right now, people from all walks of life trooped down to Subic Bay Freeport for the latest auction offerings of Asia International Auctioneers Inc. (AIA).

Subic Bay Metropolitan Authority (SBMA) Chairman Felicito Payumo said that this auction has managed to attract a lot of potential buyers despite a looming financial shortage.

"I am glad to see that AIA can still entice people to come down here in Subic for their auctions. You have people who come from all over the country and even as far as abroad," Payumo said.

He added that one of the factors that attract these people is that the lot items are priced reasonably and are already tax paid.

Over a thousand items went up for grabs during the three-day auction that ended Friday. Items running from trucks, motorcycles to high-grade construction equipment were sold to winning bidders who were assured of a real good buy.

Romy Armamento, AIA’s general manager, pointed out the reason why so many people come down during auction season.

"Buyers are confident that when they attend AIA’s auctions, they are assured of quality trucks and equipment at honest auction prices — prices that are truly dictated by themselves," he said.

Payumo said that with the presence of auction companies like AIA and other groups like Subic International Auctioneers (SIA), the Freeport is now fast becoming "the Auction Capital of Asia."

He further pointed out that the auction being held here is a big boost for the businesses in Subic.

"When these bidders from all over come here, they dine in our restaurants, stay in our hotels and contract services from our investors that are based here. Truly their visit here helps local businesses," he said. — Jen Velarmino