NextGen Day

FREEPORT OF SUBIC BAY – The Subic Bay Metropolitan Authority (SBMA) earned PHP387 million in January, the biggest monthly revenue in the nearly 30-year history of the Subic agency, thanks to resurgent maritime commerce.

SBMA chair and administrator Wilma T. Eisma announced on Monday that operating revenue in January 2022 was up by 92 million, or 31%, over the same month the previous year.

The SBMA’s previous greatest monthly revenue was PHP358 million in “pre-pandemic” June 2019.

PHP343 million in December 2021, PHP337 million in October 2020, PHP324 million in October 2018, and PHP298 million in July 2017 were the other highs.

Other positive indicators, according to Eisma, were an 11-percent increase in operating expense, which was higher by PHP10 million; a 41-percent increase in earnings before interest, taxes, depreciation, and amortization; and a 20-percent increase in net income before tax with subsidy, which was higher by PHP38 million at PHP222 million.

SBMA’s seaport operations alone contributed PHP221.4 million, with cargo charges accounting for PHP91.62 million, SBMA shares from terminal income accounting for PHP75.32 million, leases and rentals accounting for PHP34.17 million, and vessel charges accounting for PHP12.28 million, according to Eisma.

“We’re hopeful that this January’s record will be a taste of what’s to come in the months ahead as we relax back into normalcy with the dwindling Covid-19 pandemic,” Eisma said in a press conference.

She went on to say that the SBMA has set higher goals for this year, particularly in terms of seaborne trade, after seeing an increase in container freight traffic even during the peak of the pandemic last year.

Apart from the PHP221 million from seaport operations, the SBMA’s January 2022 revenue of PHP387 million was boosted by PHP111 million in land and building leases, PHP28 million in regulatory income, PHP8 million in housing leases, PHP6 million in airport operations, PHP.67 million in tourism collections, and PHP12 million in miscellaneous income, according to a profit and loss statement from the SBMA Financial Planning and Budget Department.

Despite a 1.8 percent drop from its 2020 level of PHP113 million, land and building leases contributed PHP64.73 million in land leases and PHP45.98 million in building leases this year, according to SBMA budget officer Edith Marzal.

She said that a 65 percent gain in seaport income, a 35 percent increase in dwelling leases, and a 20 percent increase in miscellaneous income comfortably outweighed the modest loss in land and building leases.

SBMA’s airport operations income increased by 6% in January 2022 compared to the previous year’s record, while regulatory fees increased by 8% and tourism income increased by 48%, according to Marzal.

Meanwhile, the SBMA’s expense accounts grew by 11%, with PHP67 million in personnel payroll services, PHP12 million in debt servicing, PHP10 million in occupancy charges, PHP1 million in repair and maintenance, PHP.07 million in advertising and promotion, and PHP14 million in other services.

Manpower costs for regular employees were the single largest item in SBMA expenses, accounting for PHP64.7 million, followed by contractual services at PHP14 million.

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