SUBIC Bay Freeport—The Subic Bay Metropolitan Authority (SBMA) has repossessed a 1,500-square meter land from a delinquent company in keeping
“We are repossessing leased areas of companies that do not comply with the agreement between them and the SBMA, and offer these areas to other investors,” said SBMA chairman Jonathan Tan said.
According to Tan, Silver Arrow failed to comply with its Investment and Development Commitment as provided in Section 7, Article II of the Lease Agreement between the company and the SBMA. Part of the said default is the failure of the company to develop the area with a funding allocation of at least US$1,000,000.
The building permit was for the construction of a warehouse as stated under the company’s Development Commitment. Tan added that this is so despite the unreasonable length of time that had already lapsed since the execution of the lease agreement last July 28, 2015.
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