SBMA, HCPTI kick off Subic venture

Optimism dominates during the inaugural of the Subic Port joint venture between the Subic Bay Metropolitan Authority, or SBMA, and the Harbour Centre Port Terminal Inc., or HCPTI, as both remain hopeful of improvements in the global business climate over the next few years.

The inaugural, marked by a Holy Mass and a ribbon-cutting ceremony at the NSD Compound and lunch at Acea Subic Beach Resort, saw HCPTI chairman Dr. Reghis M. Romero II expressing confidence on the economy's strength to resist external shocks from regional conflicts and global inflation, practically hinging everything on the synergy generated by public-private partnerships.

"Sustainability in business may face threats due to some uncertainties especially from external forces like the unrest in Ukraine and Israel," remarked Romero.

Withstanding external shocks

"But I remain confident, considering that our economy can withstand external shocks which has been proven many times over — from the 1997 Asian financial crisis to the 2008 global economic meltdown and all the way to the recent covid-induced market slump and worldwide inflation," he said.

Added Romero, "Thanks to the fact that our economy is driven by consumption such that the nation can consume what it can produce.  To a large extent, it makes our economy virtually self-sustaining."
"But to ensure economic expansion amid the growing domestic requirements, we have to trade beyond our borders and attract foreign capital and technologies," he stressed, apparently hinting on the priority goals of the SBMA-HCPTI joint venture.

The 10-year joint venture involves the revitalization and modernization of the Subic Bay Freeport Zone's port, yard, and cargo handling operations.

Modernization

The modernization activities are aimed at creating employment opportunities, generating new income, boosting tourism, attracting foreign and local investments, and expanding trade in the SBFZ involving both domestic and global commerce.

Upgrade of the port facilities is expected to improve cargo processing efficiency, reduce ship turnaround times, and increase the volume of bulk and break bulk cargo handled.