SBMA exceeds 2009 revenue target

SUBIC BAY FREEPORT, Philippines – Revenue collections by the Subic Bay Metropolitan Authority (SBMA) from seaport operations in the first seven months of 2009 have already exceeded the agency’s target for the entire year.

“Collections from vessel lay-ups in Subic Bay, as well as wharfage fees on imported products boosted seaport revenue to a total of P319.73 million, or P3.43 million more than the revenue target for this year,” SBMA senior deputy administrator for operations Atty. Ferdinand L.Hernandez told The STAR.

From January to July, the SBMA collected P131.23 million in vessel charges, P91.67 million in cargo charges, P21.56 million in processing fees, P34.62 million in SBMA shares for port-related services, P35.6 million in leases and rentals, and P5 million in other charges.

The amount also represented a 15.7- percent growth over 2008 figures, Hernandez pointed out.

These figures included a total of P68.3 million from fees paid by laid-up vessels, P39.8 million in wharfage fees on grains, wheat, fertilizer and rice, and P21.5 million in wharfage fees on imported petroleum products.

Moreover, the P319.73-million collection from January to July was 169.7 percent more than the target for the same seven-month period, SBMA said.

Because of the record collections, the SBMA has upgraded its 2009 target collection to P440.84 million, Hernandez said.

Hernandez said despite the global economic slowdown, the SBMA “has consistently recorded banner revenues.”

“June 2009, which brought in P60.69 million, is worth highlighting because it is the seaport’s highest monthly record thus far – ever since the SBMA was created in 1992,” he said. “For the remaining quarters of 2009, it is a foregone conclusion that the targets will be surpassed.”