SUBIC BAY

SUBIC BAY

METROPOLITAN AUTHORITY

SUBIC BAY METROPOLITAN AUTHORITY
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SBMA to release first semester 2013 LGU share of P74.5M
Jul 24, 2013

SUBIC BAY FREEPORT - The Subic Bay Metropolitan Authority (SBMA) is set to release a total of P74.5 million worth of revenue shares for the first semester of 2013 to communities adjacent to this premier free port.

SBMA Chairman and Administrator Roberto Garcia disclosed that the said figure consists of the P67.2-million revenue share for the first semester and the P7.3-million 10-percent retention withheld from the revenue share released in the first semester of 2011.

The funds will be disbursed on August 1, he added.

Garcia said these shares are intended to supplement development projects in health, education, peace and order, and livelihood generation of contiguous local government units (LGUs).

"The SBMA is continuing with its task of attracting more investments. The more investments we generate, the more revenue share we can collect from corporate taxes. And these will be forwarded to neighboring communities of the Subic Bay Freeport," Garcia said.

According to SBMA Treasury Department records, Olongapo City will receive the biggest chunk of shares with a total of P18.12 million, while Subic, Zambales follows next with P11.05 million. Next comes Dinalupihan, Bataan, with P9.35 million; San Marcelino, Zambales, P9.02 million; Hermosa, Bataan, P7.6 million; San Antonio, Zambales, P6.57 million; Morong, Bataan, P6.44 million; and Castillejos, Zambales, P6.36 million.

The LGU shares are derived from two percent of the five percent corporate taxes paid by Subic Bay Freeport-registered enterprises from January to June 2013. The other three percent of the taxes paid are remitted directly to the national government through the Bureau of Internal Revenue (BIR).

The SBMA began releasing the shares directly to LGUs after a new tax collection scheme was implemented in August 2010 by the agency to ensure the prompt release of shares to the local communities.

The LGU share is determined according to population (50 per cent), land area (50 per cent), and equal sharing (25 per cent). (30)


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