BOC, SBMA sign MOA for Subic Trade

The Bureau of Customs (BOC) and Subic Bay Metropolitan Authority (SBMA) signed a Memorandum of Agreement (MOA) to boost trade and customs processes within the Subic Bay Freeport Zone.

According to a statement released on Friday, the MOA intends to strengthen the partnership of the BOC and SBMA as it grants the BOC a 25-year rent-free tenure within the Freeport.

“The Signing of the Memorandum of Agreement between the Subic Bay Metropolitan Authority and Bureau of Customs not only represents a 25-year, rent-free tenure within the Subic Bay Freeport Zone but most importantly it is a powerful, resounding affirmation of the enduring, symbiotic partnership that binds our two institutions,” said BOC Commissioner Bienvenido Y. Rubio

“We are confident that this partnership will lead to a surge in trade volumes, the attraction of new investments, and a substantial boost in revenue collection that will fund our government’s projects and uplift the lives of every Filipino,” he added.

The MOA aligned with SBMA’s goal of developing a new, modern Port of Subic building while the BOC said that the agreement allowed for a "stable, predictable, and empowering framework" for long-term planning and implementing improvements. —Jiselle Anne Casucian/ VAL, GMA Integrated News