SUBIC BAY International Terminal Corp. (SBITC) sees its performance improving this year, buoyed by both the government and private sector’s interest to invest in the Subic Bay Freeport Zone.
In a statement on Friday, SBITC president Roberto R. Locsin said that with the government prioritizing the development of infrastructure nationwide and the improved intra-regional trade among Southeast Asian nations, a positive year for seaports and maritime routes is likely.
“The Subic Freeport Zone is bustling with activity from various logistics and trading firms and we project growth will continue due to the infrastructure program of the administration,” he added.
The company also manages the two terminals in the New Container Compound in the Subic Free Port Area. A few months ago, the company expanded its services in the southern regions, operating a container barge service between Cebu and Cagayan de Oro, connecting other provinces in between.
The International Container Terminal Services, Inc. subsidiary will also benefit from the refurbishment of piers and wharves in the Subic Bay Freeport Zone, which has been granted a P500 million budget under the General Appropriations Act.
“[V]arious international firms have recognized the potential of Subic Bay as a strategic gateway in the Asian market. With cautious optimism, SBITC will continue to be a progressive partner for economic prosperity through managing our ports,” Mr. Locsin said.
Aside from this, the Subic Bay Metropolitan Authority (SBMA) also signed deals with major ports in the US to further the expansion plans in the Freeport Zone, one of SBMA’s priorities to make the port as one of the heavyweights in global maritime trade.
“Our priority is to make Subic a more open and competitive Freeport in international trade. With additional investment prospects in the works, Subic Bay is moving forward with positive momentum,” SBMA chairperson and administrator Wilma T. Eisma said in the same statement. — A.G.A. Mogato