SUBIC BAY FREEPORT—The Subic Bay Metropolitan Authority (SBMA) once again breached its record on operating revenue with an all-time high record of ₱4.116 billion as of December 2023.

SBMA Chairman and Administrator Eduardo Aliño said this also marks the second consecutive year that the agency breached the ₱4-billion mark in operating revenue, which hit ₱₱4.057 billion in 2022.

“This is a stellar record for the SBMA. Last year’s ₱4.116 billion operating revenue is higher than 2022’s operating revenue by ₱59 million, or 1.5 percent higher. Kudos to the men and women of the SBMA for achieving this,” he added.

According to the SBMA’s Finance Group, there was an increase in revenue in 2023 as a result of the receipt of payment from Hanjin Heavy Industries and Construction-Philippines in compliance with a court order.

In April 2023, the SBMA also recorded its highest monthly operating revenue of ₱415 million, which trumped the previous record of ₱395 million in January 2022. “This was the first instance when SBMA breached the ₱400 million monthly revenue mark,” Aliño said.

Meanwhile, Senior Deputy Administrator (SDA) for Support Services Ramon O. Agregado said the earnings before interest, taxes, depreciation, and amortization (EBITDA) for 2023 is 23 percent higher compared to the same period the previous year.

“As of December 31, 2023, the net income before tax with subsidy is ₱2.72 billion, which is lower by 5 percent or ₱111 million compared to the same period last year. But the net income without subsidy and gain on forex revaluation is ₱1.933 billion, 38 percent or ₱532 million higher compared to the same period last year,” he added.

The SBMA Finance Group also reported that there was an increase in revenues from the Land and Billing Leases and the Seaport Operations, with a record of ₱1.590 billion and ₱1.595 billion, respectively. The biggest revenue increase was derived from the hospitality and entertainment sector, recording ₱40 million in revenues, a 122 percent increase from 2022’s ₱18 million.

The report also said that Housing Leases also increased from 2022’s ₱71 million to 2023’s ₱77 million, while the Airport Operations recorded a jump from 2022’s ₱106 million to last year’s ₱165 million. Despite the increase of revenues, the Regulatory Income of the SBMA dipped by 25 percent from 2022’s ₱585 million to last year’s ₱437 million.

“As for Miscellaneous Revenues, the SBMA recorded an increase of 8 percent, from 2022’s ₱196 million to last year’s ₱213 million,” the official stated.

Chairman Aliño lauded the agency’s commitment in providing service to the stakeholders of the Subic Bay Freeport Zone, adding that these stellar records will be broken in the coming years as long as the SBMA continues to stay true to its vision and mission.

“As long the SBMA commits to maintain investor confidence by pursuing continuous improvement, leveraging on technology and providing robust infrastructure, and as long as the agency empowers people and communities through shared stewardship and sustained good governance, Subic Bay Freeport is certain to become the preferred sustainable investment hub and eco-tourism destination in Asia Pacific by 2030,” he said. 