The Subic Bay Metropolitan Authority is a governmental agency of the Philippine government. Sometimes abbreviated as SBMA, the agency has played a significant part in the development of the Subic Bay Freeport and the Special Economic Zone into a self-sustainable area that promotes the industrial, commercial, investment, and financial areas of trade in the zone as well as in the country of the Philippines itself. The area of jurisdiction of SBMA includes the erstwhile U.S. Naval Base Subic Bay, parts of Redondo peninsula where the Subic Hanjin shipyard is located, and erstwhile US defence accommodations in the hills consisting of Binictican and Kalayan housing areas. The SBMA is currently headed by former Public Affairs and Contributions manager of Philip Morris Fortune Tobacco Company Inc. Atty. Wilma T. Eisma as Chairman & Administrator.
History
On March 13, 1992, the Philippine Congress passed Republic Act 7227, known as the Bases Conversion and Development Act of 1992, in anticipation of the pullout of the US military bases in the country. Section 13 of Republic Act No. 7227 created the Subic Bay Metropolitan Authority to develop and manage the Freeport which provides tax and duty-free privileges and incentives to business locators in the special economic zone. Richard Gordon, then the mayor of the City of Olongapo, became the first SBMA chairman. Mayor Gordon with 8,000 volunteers took over the facility to preserve and protect US$8 billion worth of property and facilities when the last U.S. Navy helicopter carrierUSS Belleau Wood sailed out of Subic Bay on November 24, 1992 and started the conversion of the military base into a free port like Hong Kong and Singapore. On its fourth anniversary on November 24, 1996, Subic Bay hosted the leaders of 18 economies during the Fourth Asia- Pacific Economic Cooperation Leaders' Summit. By that time, this emerging investment haven had already successfully attracted companies like Federal Express, Enron, Coastal Petroleum now El Paso Corporation, Taiwan computer giant Acer and France telecoms company Thomson SA to establish operations in the Freeport.
Subic Bay Historical Center
The Authority opened a history center. It has an exhibit about hell ships, and other recoveries in Subic Bay's Maritime History.
