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World Bank Document Document of The World Bank Public Disclosure Authorized Report No. 1 5956-PH Public Disclosure Authorized REPUBLIC OF THE PHILIPPINES SECOND SUBIC BAY FREEPORT PROJECT STAFF APPRAISAL REPORT October 30, 1996 Public Disclosure Authorized Public Disclosure Authorized Infrastructure Operations Division Country Department I East Asia & Pacific Region CURRENCY EQUIVALENTS (as of September, 1996) Currency Unit = Peso P I = US$0.039 US$1.00 = P 26.0 WEIGHTS AND MEASURES ha. - hectare KV - Kilovolt-ampere (1,000 volt-amperes) KVA - Kilovolt-ampere (1,000 volt-amperes) Kw - Kilowatt (1,000 watts) KWH - Kilowatt Hour MLD - Million Liters Per Day ABBREVIATIONS AND ACRONYMS ADB - Asia Development Bank APEC - Asia Pacific Economic Cooperation ASEAN - Association of South East Asian Nations CAS - Country Assessment Strategy COA - Commission and Audit EIA - Environmental Impact Assessment ESMO - Environmental Sanitation Management Office FIRR - Financial Internal Rate of Return FMIS - Financial Management Information System FRC - Freehold Services Company GIS - Geographical Information System JAIDO - Japanese Industrial Development Organization LGU - Local Government Units MOA - Memorandum of Agreements MOU - Memorandum of Understanding NBF - Non-Bank Financed NPC - National Poxver Corporation NWRB - National Water Resources Board O & M - Operation and Maintenance OCWD - Olongapo City Water District OECF - Overseas Economic Cooperation Fund PACP - Property Acquisition and Compensation Plan PHRD - Policy and Human Resources Development POL - Petroleum, Oils and Lubricants PWG - Public Works Group SAR - Staff Appraisal Report SBF - Subic Bay Freeport SBFZ - Subic Bay Freeport Zone SBMA - Subic Bay Metropolitan Authority SCF - Standard Conversion Factor SOE - Statement of Expenditures FISCAL YEAR January I to December 31 REPUBLIC OF THE PHILIPPINES SECOND SUBIC BAY FREEPORT PROJECT Loan and Project Summary Borrower: SubicBay MetropolitanAuthority (SBMA) Guarantor: Republicof the Philippines ImplementingAgency: SubicBay MetropolitanAuthority (SBMA) Beneficiary: Not applicable Poverty: Not applicable Amount: US$60 million Terms: 20 years, includingfive years of grace, at the Bank's standard LIBOR-basedinterest rate for US$ Single CurrencyLoans Commitment Fee: 0.75 percenton undisbursedloan balances,beginning 60 days after signing,less any waiver Net PresentValue: US$118million FinancingPlan: See paragraph3.25 Staff AppraisalReport: No. 15956-PH Map: IBRDMap No. 28291 Project ID No.: 40981 Vice President: Nicholas C. Hope, Acting, EAP Director: JavadKhalilzadeh-Shirazi, EA1 DivisionChief: J. Shivakumar,EAlIN Task Manager: Aloysius Ordu i REPUBLIC OF THE PHILIPPINES SECOND SUBIC BAY FREEPORT PROJECT Contents 1. BACKGROUND.................................................................................................. A. INTRODUCTION .............................................................. 1 B. THE SUBICBAY FREEPORT ............................................................. 3 C. THE FIRST SUBICBAY FREEPORT PROJECT ................................. ............................. 3 D. LESSONS LEARNED FROM PREVIOUS BANK INVOLVEMENT ................................................. 4 E. RATIONALE FOR BANK INVOLVEMENT .............................................................. 5 2. THE BORROWER ....................................... 6 A. INSTITUTIONAL ................................................ 6 B. SBMA's STRATEGY ................................................ 7 3. THE PROJECT ....................................... 10 A. PROJECT OBJECTIVES ............................................................. 10 B. PROJECT DESCRIPTION ............................................................. 10 C. COSTS AND FINANCING ................................................. 16 D. PROJECT MANAGEMENT AND IMPLEMENTATION ............................................................. 17 E. PROCUREMENT AND DISBURSEMENT .................... ......................................... 18 F. SUPERVISION, MONITORING, REPORTING, ACCOUNTS AND AUDITING ............................. 21 4. PROJECT FINANCIAL ANALYSIS ...................................... 23 A. SBMA'S FINANCIAL POSITION ............................................... 23 B. FINANCIAL ANALYSIS OF PROJECT COMPONENTS .................... ........................... 26 5. BENEFITS AND RISK ............................................... 29 A. PROJECT BENEFITS .......................................... 29 B. SBMA OPERATIONS WITHOUT THE PROJECT .......................................... 29 C. ECONOMIC RATES OF RETURN AND SENSITIVITY .......................................... 30 D. PROJECT SUSTAINABILITY .......................................... 3 1 E. ENVIRONMENTAL AND SOCIAL IMPACTS .......................................... 31 F. RISKS .......................................... 32 This report was prepared by Messrs./Mmes. A. Ordu (Sr. Economist/Task Manager), A. Toft (Pr. Counsel), J. Arnold (Transport Economist), P. Long (Transport Engineer, consultant), P. Bulmer (Traffic Engineer, consultant), J. Irving (Sr. Power Engineer), C. del Castillo (Social Specialist), S. Cointreau-Levine (Solid Waste, consultant), F. K. Lee (Sanitary Engineer, consultant), M. Dijkerman (Institutional Specialist, consultant), A. Rychener (Financial Economist, consultant), C. Ohri (Procurement Specialist), K. Page (Analyst, consultant), and B. Brown, Task Assistant. It was cleared by Mr. Javad Khalilzadeh-Shirazi (Director, EAI) and Mr. J. Shivakumar (Chief, EAIIN). ii 6. AGREEMENTS REACHED AND RECOMMENDATION .......................................34 A. AGREEMENTS................................................ 34 B. RECOMMENDATION................................................ 35 ANNEXES Annex 1: Profile of the Project Area.36 Annex 2: FreeportConcepts -- A Comparisonof Subicand Other Freeports.40 Annex 3: SBMA's OrganizationalChart .44 Annex 4: DetailedCost Table.46 Annex 5: PerformanceMonitoring Indicators .53 Annex 6: DisbursementSchedule Per Semester.58 Annex 7: Project SupervisionPlan .59 Annex 8: FinancialAnalysis of Project Components.61 Annex 9: EconomicAnalysis .74 MAP IBRD Map No. 28291 1. BACKGROUND A. INTRODUCTION 1.1 The Subic Bay Naval Base in the Philippineswas the largest U.S. military facility outside the United States. Following the expiration of the 1947 Military Base Agreement between the Philippines and the United States, the U.S. Navy evacuated Subic Bay in November 1992. The Government of the Philippines(GOP) set up a Presidential Task Force, establishedthe Subic Bay Metropolitan Authority (SBMA), and requested assistance from the World Bank to help the Task Force and SBMAto plan the conversionof Subic Bay to civilian use. This initial assistanceassessed the feasibility and developeda strategy for convertingthe baselandsinto an industrialestate/freeport and tourism complex; identified specific actions required to execute an orderly transition; and proposed areas for technical assistance. The Bank further arranged a Japanese-funded Policy and Human Resources Development(PHRD) Technical Assistance that assisted the GOP and SBMA: (i) to formulate the implementingrules and regulationsfor the freeport;(ii) to prepare a land use and facilities use plan for the site; (iii) to initiatetransportation planning; and (iv) to market and promote Subic Bay as an economic freeport. This culminatedin the approval of the Bank's first Subic Bay Freeport Project (Subic I, Loan 3745-PH) in June 1994 with a total project cost of US$52.0 million, of which the Bank loan amounted to US$40.0 million. 1.2 The proposed project would be the Bank's second intervention to assist the Philippines in converting the U.S. Navy's former Subic Bay Naval Base into a freeport. The first Subic Bay Freeport Project (Subic I: Loan 3745-PH, June 1994) consisted of infrastructure rehabilitation and upgrading, and technical assistance to strengthen the Subic Bay Metropolitan Authority (SBMA) and develop an environmental management plan. 1.3 The Subic freeport has boomed: investment levels and job creation are more than two years ahead of the level anticipated under Subic I. As of end-1995, 201 firms had made investment commitments of almost US$1.3 billion. The 123 firms currently operational have already created 11,821jobs. Employment creation is expected to be 39,733 at full operation of these firms. Investing firms represent manufacturing, tourism, services, warehousing, utilities, and banking. Table 1.1 shows the number of investors by sector, total investment commitments, and employment (actual/projected). By far the largest number of firms, about 54 percent, are Taiwanese. Other Asian firms include those from Singapore, Malaysia, Japan and the Philippines (about 13 percent) US/Canada (14 percent), Europe (12 percent), and others (seven percent). 1.4 SBMA has turned to the private sector to put much of the infrastructure inherited when Subic reverted to the Philippines in late 1992 into economic use. Most of the commercially exploitable space in the former Ship Repair Facility area has been leased to investors. SBMA has entered into long-term leases (25 years and over) for the golf course, the marina, industrial parks, the petroleum, oil and lubricant (POL) facility, recreational facilities, hotel buildings, and some residential properties. Only 1,400 ha. of unleased land remain within the 6,700 ha. "secured" naval station; a further 3,000 hectares is available in the Redondo Peninsula. -2 - 1.5 Base conversion is, however, far from
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