Olongapo SubicBay BatangGapo Newscenter

Thursday, April 16, 2009

Subic seaport posts record P130M in Q1 revenue

SUBIC BAY FREE PORT—The Subic seaport here posted a record P130.21 million in revenue during the first quarter of the year, almost double the P67.21-million target set for the period, according to the Subic Bay Metropolitan Authority (SBMA).

SBMA senior deputy administrator Ferdinand Hernandez, whose office oversees the seaport operations here, described the record-breaking performance as a major accomplishment for the SBMA Seaport Department in face of the global downtrend in shipping and maritime trade.

SBMA seaport manager Perfecto Pascual, on the other hand, called it “a silver lining amid the global recession” and pointed out that the P130.21-million revenue total does not include the P17.2 million in accounts receivable.

Pascual said that including the receivables, the seaport’s revenue would have been P147.41 million.

It was the first time that seaport revenue for the first quarter of the year breached the P100-million mark. In previous years, the seaport’s first- quarter revenue included P51 million in 2005, P38 million in 2006, P49 million in 2007, and P46 million in 2008

“Historically, Subic seaport’s highest first quarter [revenue] was recorded in 2005 when we collected P51.6 million. But this year, our March revenue alone was already more than P51 million,” said Hernandez. He added with the January-March revenue, the SBMA seaport has already accounted for 41.17 percent of the agency’s P316.29-million revenue target for the year.

Figures released by the SBMA also indicated that despite the global recession, the seaport has completed 83.5 percent, or 6,041 TEUs (twenty-foot equivalent units), of its first- quarter target for containerized cargo volume of 7,236-TEU.

Meanwhile, noncontainerized cargo that passed through this free port in January to March reached 679,153.16 metric tons (MT), or 139.3 percent, over the first quarter target of 487,698.81 MT.

In the same period, a total of 508 ship calls were made in Subic as more idle vessels were laid up. This figure represented a 102.2-percent increase over the first-quarter target of 497, SBMA data showed. Written by Henry Empeño - Business Mirror

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