True to its mandate of utilizing land areas efficiently, the Subic Bay Metropolitan Authority (SBMA) has taken over three more properties inside this premier Freeport on Tuesday.
According to SBMA Chairman and Administrator Jonathan D. Tan, the agency took over two buildings from Parabion, Inc. at the Cubi Triboa District within the Subic Bay Freeport Zone, adding that the area has a size of 1,176 square meters. “The company has committed contractual defaults that prompted the SBMA to take over their properties. One is failure to comply with development commitments, and two for non-payment of lease rentals and Common Use of Service Area (CUSA) fees,” he said.
The company has amassed a debt in CUSA close to 10 million pesos as of July 28 of this year. “We already sent them a final notice of default with demand to pay on November 22, 2022, then we sent them a notice of pre-termination and repossession on July 28 that was served on August 10. This is pursuant to SBMA Board Resolution No. 23-07-0173 that was approved last July 4,” Tan added.
Tan also pointed out that the agency took over Bldg. 8321 along Zambales Highway, Cubi Triboa District, and Bldg. 8359 along Bataan Road, also in the Cubi Triboa District. The third property that was taken over by the agency was owned by Ramphos Coporation, a company that manufactures and sells amphibious ultralight aircraft. The property is a 966-square-meter portion of Bldg. 8045-C at the Subic Bay International Airport (SBIA). The company has an expired lease agreement with the SBMA since September 11, 2020, prompting the eventual take over by the SBMA last September 5, 2023.
The chairman confirmed that the company has contractual defaults such as non-payment of lease rentals (building spaces), CUSA fees, ACC and SOA fees amounting nearly 10 Million as of July 28 of this year.
The SBMA chief urged companies inside the Subic Bay Freeport to pay their dues diligently to ensure their seamless business operations inside this premier Freeport.