The Subic Bay Metropolitan Authority (SBMA) headed by its Chairman and Administrator Jonathan Tan has closed and repossessed the facilities of Silver Arrow Import Export Services, Inc., a company engaged in the importation and exportation of various goods, on Thursday, August 17, 2023, due to contractual defaults made by the company.
Chairman Tan led the closure and repossession operation, which was conducted by the SBMA Law Enforcement Department (LED) and the SBMA Asset Management Department (AMD). Tan said that the company had violated several provisions of its lease agreement with the SBMA, such as failure to pay rent, failure to submit financial reports, failure to maintain its premises, and failure to comply with environmental regulations. Tan said that the SBMA had given Silver Arrow several notices and opportunities to rectify its violations, but the company failed to do so. He said that the SBMA had no choice but to enforce its contractual rights and protect its interests. He added that the SBMA would pursue legal action against Silver Arrow for the recovery of unpaid rentals and damages. According to Tan, Silver Arrow had been operating in Subic Bay Freeport since 2018, occupying a total area of 10,000 square meters in the Subic Gateway Park. The company was involved in importing and exporting various products, such as electronics, garments, furniture, food, and beverages. Tan said that the company had employed around 100 workers, who were advised to coordinate with the Department of Labor and Employment (DOLE) for assistance. Tan said that the closure and repossession of Silver Arrow was part of his mandate to ensure good governance and accountability in Subic Bay Freeport. He said that he would not tolerate any form of irregularity or corruption in the SBMA. He also urged other locators and stakeholders to comply with their contractual obligations and cooperate with the SBMA in maintaining the integrity and sustainability of Subic Bay Freeport.
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