LYCEUM OF SUBIC BAY (LSB), Inc. a non-stock, non-profit higher educational institution located at the heart of Subic Bay Freeport Zone, was established in June 2003. During its first year of operation, the institution was registered with the Securities and Exchange Commission (SEC) under the name, National College of Science and Technology, Inc. (NCST), with Mr. Alfonso E. Borda as its first President and Chief Executive Officer. The school started with only five lecture rooms, one computer laboratory, a small HRM-THRO laboratory and a small library with two hundred sixty (260) officially enrolled students. Fifteen of these were full scholars, working as Student Assistants (S.A). Despite the meager budget allocated for its operation, the school was able to furnish all rooms with brand new air-conditioning units, for a more comfortable learning environment.
This notwithstanding the reality, that the only resource to defray the enormous financial requirements of the institution, is from the minimal tuition fees of about nine to twelve thousand pesos charged per semester per student. The income therefore then, could barely suffice to cover the total operational expenses of the school. Moreover, some Incorporators were no longer interested in infusing additional investments. As a result, the school incurred delays in the payments of salaries and wages and other utility expenses. Realizing the gravity of the problem, the LSB President called for a meeting with the department heads and faculty members, where he laid down the financial difficulties of the institution.
