SBMA earns record-high P387 million income in January

The Subic Bay Metropolitan Authority (SBMA) earned P387 million last January, marking the highest monthly revenue ever recorded by the government agency, and was attributed to a growing seaport trade. (Photo courtesy of SBMA)

SUBIC BAY FREEPORT — Despite the ongoing COVID-19 pandemic, the Subic Bay Metropolitan Authority (SBMA) generated revenue of P387 million in January this year, the highest monthly income ever recorded by the government agency.

In a statement on Monday, February 28, outgoing SBMA Chair and Administrator Wilma Eisma, said the operating revenue posted in January was higher by 92 million, or 31 percent compared with the income generated during the same period last year.

Eisma resigned from her post on Tuesday, March 1, due to health reasons.

She said the increased revenue was boosted by a resurging seaport trade and several other indicators, including an 11-percent increase in operating expense; a 41-percent growth in earnings before interest, taxes, depreciation, and amortization; and a 20-percent increase in net income before tax with subsidy.

Records showed that the highest monthly revenue previously recorded by the SBMA was P358 million in June 2019, which was before the pandemic hit the country.

The other record highs were P343 million in December 2021; P337 million in October 2020; P324 million in October 2018; and P298 million in July 2017.

SBMA’s seaport operations alone contributed P221.4 million, with P91.62 million from cargo charges; P75.32 million in SBMA share from terminal income; P34.17 million in leases and rentals; and P12.28 million in vessel charges.

“We are hoping that this January record will be a foretaste of what’s to come in the succeeding months, as we ease down into normalcy with the waning COVID-19 pandemic,” said Eisma.

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