SUBIC BAY FREEPORT –True to its mandate of utilizing land areas efficiently, the Subic Bay Metropolitan Authority has taken over three more properties inside this premier freeport on Sept. 12.
SBMA chairman and administrator Jonathan D. Tan said two buildings from Parabion, Inc. with an area of 1,176 square meters at the Cubi Triboa District were repossessed by the agency.
“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 P10 million 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 Corp., 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.
The company has an expired lease agreement with the SBMA since Sept. 11, 2020, prompting the eventual take over by the SBMA last Sept. 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 P10 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 the freeport. Malou Dungog/PR
