SUBIC Bay Metropolitan Authority (SBMA) is projecting revenue growth of 6% to P1.8 billion for 2008.
Last year, the target was 10% although actual growth was flat.
Last year’s P1.7-billion revenue was almost the same as a year earlier, according to the SBMA Seaport Department.
“We had a flat growth because of the prohibition on second-hand vehicles. We’re also dependent on port operation that has not been performing well the past several years,” the SBMA said.
It added the Freeport should have posted negative growth for 2007 if not for the influx of new locators particularly in the second and third quarters.
For 2007, 123 new business locators spiked Subic’s total cumulative investments to $5.22 billion, 28% higher than 2006‘s $3.76 billion.
The two biggest projects approved were Millenium Properties, which committed $1 million for hotel and restaurant operation, and Sungdo Steel Services, Inc, engaged in construction and repair works, as well as import and export activities.
Earlier, SBMA said it expects to overshoot port volume targets this year mainly on the back of more break bulk cargo shipments.
“Based on our projections, we could surpass our container volume by some 3% this year compared to last year and break bulk volume by 8%,” SBMA Seaport Manager Capt. Perfecto Pascual told PortCalls in an earlier interview.
In the first nine months of 2007, SBMA posted an increase in cargo throughput after registering flat to negative growth in the last two years.
Seaport Department records showed Subic handled 1,156 metric tons of cargo from January to September 2007, with ship calls totaling 1,101 in the first three quarters.
Imports made up the bulk (3,027 TEUs) of the total 5,738 TEUs handled from January to September 2007.
Last year the Port of Subic handled 34,601 TEUs, with imports comprising 17,109 TEUs.
Break bulk cargo continues to register high double-digit growth after soaring 40% following the opening of the Freeport’s new break bulk terminal in 2005.
SBMA expects to significantly increase its cargo throughput with the operation of the New Container Terminal (NCT) 1 within the first quarter.
A 200% hike in container traffic up to 150,000 TEUs is projected once NCT 1 and NCT 2 become fully operational by 2008. Every year thereafter, a 100,000-TEU increase is eyed.
Non-containerized traffic will continue to register at least a 40% annual volume growth.
SBMA is also finalizing the privatization of NCT 2, set for international auction this year.
