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Report No. PIC4022 Project Name Philippines-Second Subic Bay Freeport... Project Region East Asia and Pacific Sector Infrastructure Project ID PHPA40981 Borrower Subic Bay Metropolitan Authority (SMBA) Implementing Agency SBMA Bldg. 229, Waterfront Road Subic Bay Freeport Zone Philippines 2222 Mr. Richard Gordon Administrator and Chairman Tel: (63-47) 222-5454 (63-47) 2-7777 Fax: (63-47) 2-5278 Appraisal Date June, 1996 Board Date November 26, 1996 Date PID Prepared November, 1996 A. Background 1. The proposed project would be the Bank+s second intervention to assist the Philippines in converting the U.S. Navy