SUBIC BAY FREEPORT—The Subic Bay Metropolitan Authority said it took over three properties of locators inside the Freeport Zone Tuesday.
SBMA chairman and administrator Jonathan Tan said the agency took over two buildings covering an area of 1,176 square meters from Parabion Inc. These are Bldg. 8321 along Zambales Highway and Bldg. 8359 along Bataan Road, both in the Cubi Triboa District.
“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 amassed close to P10 million in debt as of July 28, 2023, the SBMA said.
“We already sent them a final notice of default with demand to pay on Nov. 22, 2022, then we sent them a notice of pre-termination and repossession on July 28 that was served on Aug. 10. This is pursuant to SBMA Board Resolution No. 23-07-0173 that was approved last July 4,” Tan said.
The SBMA said it also took over a property of Ramphos Corp. which manufactures and sells amphibious ultralight aircraft. The property is a 966-square-meter portion of Bldg. 8045-C at the Subic Bay International Airport.
It said Ramphos’ lease agreement with SBMA expired on Sept. 11, 2020, prompting the eventual takeover by the agency on Sept. 5, 2023.
Tan said Ramphos has contractual defaults such as non-payment of lease rentals for building spaces, CUSA fees, ACC and SOA fees amounting to nearly P10 million as of July 28, 2023.
The SBMA chief urged companies inside the Subic Bay Freeport to pay their dues diligently to ensure their seamless business operations.