Subic Bay Freeport is getting additional 24,725 hectares, majority of which come from neighboring towns, to expand the former American naval base which has been running out of space it can offer to new investors and expanding existing locators.
Photo credit: Subic Bay News
Of this expansion area, five neighboring towns have initially allotted a total of 21,495 hectares of land to the Subic Bay Freeport, which has been running out of the property to lease to more investors in the former American naval base.
Data showed that six local government units have initially allotted these properties for Subic expansion. The biggest lot contributor is San Marcelino with 10,000-hectare allocation followed by San Antonio with 9,000, Olongapo with 900 hectares, Subic with 500-600 hectares, Hermosa 505 hectares, and Catillejos with 500 hectares.
Usually, Subic Bay Metropolitan Authority (SBMA) leases out properties to investors at certain rates. Under the plan, the San Marcelino lot would be used for mining, quarry and agriculture projects while San Antonio has been reserved for resort development and leisure industry.
The Olongapo LGU allocation would be used for housing, light industry, and tourism projects while the 500-600 hectares in Subic could be offered for factories, agriculture, and energy facilities.
Hermosa may be developed to house light to heavy industry, renewable energy, metal industry and staging of trucks auctions. The Castillejos land allocation can also be used for light to medium industry warehousing.
The remaining properties would come from the Redondo Peninsula with 3,000 hectares; infill development of 150 hectares and reclamation of 20 hectares.
Earlier, SBMA chairperson and administrator, Wilma Eisma, also inked strategic tie-ups with major US ports for Subic’s expansion and business plans this 2018.
Port expansion is seen as a priority by SBMA in order to make Subic a global maritime trade player.
In response to the growing demands of international trade, the SBMA plans to improve local infrastructures and develop industrial zones while increasing port capacity through national funding.
SBMA has set a target to fully develop the Subic Bay Freeport Zone by 2022.
“Our priority is to make Subic a more open and competitive Freeport in international trade. With additional investment prospects in the works, Subic Bay is moving forward with positive momentum,” said Eisma.
SBMA reported a 34 percent net income in 2017 to P91 million from P68 million in 2016. Total revenues reached P3 billion or 4 percent higher than 2016’s P2.95 billion.
source: business.mb.com.ph