From a reader:
SBMA is slapping a new tax on residents and investors based on land area, which means that one of the only profitable ventures on the base, the Ocean Adventure theme park and resort, will see a 400 percent rent increase! Less than halfway through their 50 year lease and millions invested and SBMA unilaterally hikes the rent by 400 percent. All the employment-generating investors, like factories and resorts, are large land users. The effect is that the investors who create the most jobs are the ones hit the hardest.
These are the kind of shortsighted policies that have made SBMA the bankruptcy that it is today.From SBMA administrator Robert Garcia:
"If you want to live and operate here, you have to pay. If we make so much money, we could provide those services for free. But in this time of need, we need to help each other out. There should be no exceptions. I will try everything in my power to keep them here. But in the end, if they cannot keep up with my program, maybe they don’t have a place here in SBMA."
A failing special economic zone threatening the few investors it has..
A link to the complete article in the Inquirer can be found here.