BOC, SBMA partner to spur investments in Subic

MANILA, Philippines — The Bureau of Customs (BOC) and the Subic Bay Metropolitan Authority (SBMA) have joined forces in a bid to spur investments in the freeport zone and boost revenue collection.

The BOC and SBMA inked a memorandum of agreement (MOA) focused on optimizing Customs operations, encouraging investment inflows and reinforcing strategic oversight of the Subic Bay Freeport Zone.

Customs commissioner Bienvenido Rubio said the MOA represents a 25-year rent-free tenure within the Subic Bay Freeport Zone  as well as  strengthens  trade facilitation and economic growth.

“We are confident that this partnership will lead to a surge in trade volumes, the attraction of new investments and a substantial boost in revenue collection that will fund our government’s projects,” Rubio said.

The BOC, which has been in the zone for more than 18 years, serves a critical function in revenue collection, trade facilitation and border protection in the Subic Special Economic and Freeport Zone.   

Under the MOA, the BOC will ensure the proper maintenance of its facilities, compliance with environmental standards and secure management of confiscated goods.

SBMA, on the other hand, will provide access to properties vital to Customs functions to enhance operational efficiency, reinforce border security and support trade facilitation in the area.

SBMA chairman Eduardo Aliño, for his part, said the two agencies would develop a new, modern Port of Subic building.

Aliño said the new infrastructure would enhance services and provide greater convenience for both BOC clients and Subic stakeholders.