MANILA, Philippines–The Subic Bay Metropolitan Authority (SBMA) will further cut its port fees starting Oct. 1 to attract more firms to use the Subic port, which is seen to result in revenue losses of $10 million to $15 million for the agency.
These losses represented the difference between the existing harbor and berthing fees and the reduced rates that will be implemented over a six-month period, starting next month, the SBMA said in a statement on Wednesday.
“We hope to recoup the losses in the long run, as we are also doing this to encourage new lines to come over, as well as to show our appreciation to existing shipping lines that had stuck with Subic in all its lean years,” aid SBMA Chair Roberto Garcia.
The rate reduction is expected to help establish Subic as an alternative port together with Batangas. This is seen to help ease the congestion at the Port of Manila.Go to full article http://business.inquirer.net/179348/sbma-to-apply-reduced-port-fees-for-6-months#ixzz3ENQTUhU3