SUBIC BAY FREEPORT ZONE: The Subic Bay Metropolitan Authority (SBMA) on Friday announced it is set to repossess the popular marine theme park Ocean Adventure and related facilities due to multiple contract violations and failure to fulfill development commitments.

In a statement released to the media, SBMA Chairman and Administrator Wilma Eisma said the agency had served a notice of pre-termination of contract to the Subic Bay Marine Exploratorium

Inc. (Sbmei), which operates the Ocean Adventure marine theme park complex.

SBMA cited failure to comply with its lease contract, violations committed like illegal subleasing of property, constructing without permits, improper storing of waste, and closing public roads.





The agency added that the company also had arrears amounting to P25 million on their payment scheme, as well as P7 million on its current billing.|

“This is actually sad news for us, because Ocean Adventure Park is the pioneer theme park in the Subic Freeport and is a hugely popular tourist destination. However, its multiple contract violations have been a long-festering problem that must be addressed now,” Eisma said.

She explained the SBMA has notified Sbmei of its violations as early as July and assiduously provided guidance to cure the problems, but the company did not submit a satisfactory proposal to correct the violations.

“We wanted them to stay, of course, but there was not much concrete action from their side,” Eisma said, adding,“ after months of negotiation and attempts to help Sbmei keep its lease, there is no longer any other recourse but to apply the law and pre-terminate the company’s lease agreement.”

The SBMA official also stressed that Sbmei’s failure to deliver its development commitments not only constituted violations of its contract, “but also prejudiced the SBMA’s financial interest because it curtailed the agency’s earning potential.”

Under the pre-termination order, the SBMA will repossess all of the Sbmei’s 493.16 hectares of undeveloped property upon the lapse of the 30-day reckoning period. Then SBMA will give Sbmei 24 months to slow down its activities at the 11.6-hectare developed area that includes the Ocean Adventure Park, the Camayan Beach, and the newly-opened Adventure Water Park.

Eisma said the SBMA has already informed the Office of the President of its decision to foreclose the Sbmei, but added that the agency has not yet closed the door to renegotiation.