SBMA takes back Grande Island in Subic Bay due to lease violations

SUBIC BAY FREEPORT — Grande Island has been repossessed by the Subic Bay Metropolitan Authority (SBMA) following the pre-termination of its lease with GFTG Holdings Corporation, an SBMA official confirmed on Tuesday. Lawyer Melvin Varias, SBMA deputy administrator for legal affairs, said the takeover stemmed from the SBMA Board’s October decision to cancel GFTG’s lease