The Subic Bay Metropolitan Authority (SBMA) is advancing a PHP6.2 billion peso (USD101 million) project to transform Subic Bay into a modern, high-capacity international cargo hub, according to tender documents published by the Public-Private Partnership Center of the Philippines.
The government agency plans to implement the project through a 25-year operate-rehabilitate-add-transfer concession, as it has done with previously privatised airports. US-based private equity affiliate Cerberus Asia Pacific Investments LLC holds original proponent status after submitting an unsolicited proposal on March 26, 2025.
To facilitate the process, SBMA has extended the issuance of tender documents to July 31, 2026, according to a recent bid bulletin. It had earlier announced delays to allow further refinement of the project's technical specifications, financial parameters, and contractual framework.
The bidding process uses a right-to-match mechanism and requires challengers to pay a non-refundable PHP1.4 million (USD22,800) participation fee. The contract will be awarded to Cerberus if it matches the highest qualifying financial proposal within 30 days, or if no challenger submits a competing bid.
Subic Bay International Airport served as the Asia-Pacific hub of FedEx Express (FX, Memphis International) from 1995 until 2009, when the cargo carrier relocated its regional hub to Guangzhou. The airport has since primarily handled charter, military, and general aviation traffic, while successive governments have sought to revive it as a cargo gateway for Luzon island.
