Subic Bay Metropolitan Authority (SBMA) - Subic Bay Philippines

The agency of the Philippine government known as the Subic Bay Metropolitan Authority (SBMA) has been highly influential in the development of the Subic Bay Freeport and the Special Economic Zone. SBMA has heavily focused on sustainability while promoting industrial, commercial development along with financial trade business. Some of the areas of jurisdiction for SBMA include the previous U.S. Naval Base Subic Bay, parts of Redondo peninsula, and the Binictican and Kalayan Hills areas that previously served as housing for the U.S. Navy personnel. The Bases Conversion and Development Act of 1992 was passed on March 13, 1992, in the anticipation of the abandonment of the country’s US military bases. This made way for the creation of the Subic Bay Metropolitan Authority (SBMA). The organization was tasked with developing and managing the new Subic Freeport Zone. The word Freeport ensured tax and duty-free incentives and privileges to locators in the zone. Richard Gordon, a notable name within the country, then the mayor of the City of Olongapo, became the first SBMA chairman. Beginning on November 24, 1992, Gordon and 8,000 volunteers began preserving the highly valuable asset as they began the conversion of the military base into a Freeport Zone. The aspirations were for Subic to become another Hong Kong or Singapore. Four years later, SBMA hosted the leaders of 18 economies for the APEC Leaders’ Summit. By that time, the new Freeport had already found investor/locators such as Federal Express, Enron, Coastal Petroleum now El Paso Corporation, A new and exciting business and fun zone was on its way to worldwide prevalence.