Expansion of the national economy necessitates vigorous trading beyond its borders, and the SBMA-HCPTI joint venture in port development seeks to bring us there.
SUBIC BAY FREEPORT — The Subic Bay Metropolitan Authority (SBMA) and the Harbour Centre Port Terminal Inc. (HCPTI) Subic commenced the joint venture agreement between the two corporations to fast-track port development in this Freeport zone.
The much-anticipated start of operations of the joint venture, with initial capitalization of P10 billion, was launched in a simple ceremony at the Naval Supply Depot Complex last December 5.
The 10-year joint venture involves the revitalization and modernization of the ports in Subic Freeport, yard and cargo handling operations in three piers, including Alava Pier, Riviera Wharf, and Boton Wharf
Approximately 50 hectares of land area is covered by the agreement, and initial capital infusion of P10 Billion to modernize the port infrastructure and fully digitalize the operations.
Resilient nat’l economy
"I remain confident that our economy can withstand external shocks which has been proven many times over- Asian financial crisis in 1997 to global economic meltdown in 2008, and now the Middle East unrest," said HCPTI chairman Reghis Romero II.
Romero said that to ensure economic expansion amid growing domestic requirements, the country has to trade beyond borders and attract foreign capital and technologies, and other innovations to ensure success, hinting on the priority of the goals of the SBMA-HCPTI joint venture.
Romero said the JVA focuses on economic growth, employment opportunities, increased revenue, improved supply chain, and infrastructure development. Enhanced global connectivity, technological advancement, better services, and safety protocol.
"We already formally opened the gateway to the future", Romero said, and asked the port users and stakeholders to join hands on turning Subic into a gateway to the future.
CHAD Tan hopeful
SBMA Chairman and Administrator Jonathan D. Tan, meanwhile, said the joint venture will boost the potential of Subic Freeport as the best investment-tourism hub in the region, providing best services in port handling and management.
With these undertakings all agreed upon, both SBMA and HCPTI are forging gateways, a new beginning, said Chairman Tan.
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