SBMA posts P3.47B operating revenue in 2021

Still reeling from the economic impact of COVID-19 on businesses inside the Subic Bay Freeport, the Subic Bay Metropolitan Authority has generated P3.47-billion operating revenue in 2021, an 8-percent increase from its performance in 2020. (Photo by Joanna Rose Aglibot)

SUBIC BAY FREEPORT––The Subic Bay Metropolitan Authority (SBMA) reported on Tuesday, Feb. 8 that it generated an operating revenue amounting to P3.47 billion last year, reflecting an 8-percent growth from its performance in 2020 while riding out the pandemic.

In a statement, SBMA Chair and Administrator Wilma Eisma said last year’s revenue came from leases and port operations, with land and building leases growing by 2 percent and contributing P1.38 billion, and seaport operations growing by 14 percent and generating P1.37 billion.

Eisma said the figure was P270 million higher than the agency’s operating revenue in 2020.

“While a few indicators remain impacted by the Covid-19 pandemic, the general trend is upward where the SBMA was able to accelerate growth and surpass its performance in the previous year,” Eisma said, citing her 2021 annual report to President Duterte.

Eisma also said SBMA’s regulatory income grew by 11 percent and contributed P408 million in revenue, while airport operations increased by 26 percent and generated P79 million.

According to Eisma, the pandemic-hit tourism industry in the freeport was still “recovering” but had registered 7.3 million same-day visitors in 2021. This surpassed the 2020 record by 2.18 million, or 42 percent, but is still lower than the 2019 record by 2.2 million, or 23 percent.

The freeport also “defied the negative impact of the pandemic” by recording a $1.58-billion import value in 2021, which was 49.53 percent higher than the 2020 import value of $1.12 billion, she said.

Eisma said the export value reached $1.37 billion that was 32.42 percent higher than the 2020 export value of $1.03 billion.

“Both import and export values exceeded the 2019 pre-pandemic records by 8.12 percent and 6.73 percent, respectively,” she added.

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