SUBIC BAY FREEPORT - The Subic Bay Metropolitan Authority (SBMA) is set to release a total of P93.7-million in revenue shares to local government units (LGUs) adjacent to and affected by the Subic Bay Freeport Zone.
SBMA Chairman Roberto Garcia said the funds w ould be available for the eight adjacent and affected LGUs starting August 4.
The amount to be released consists of P87.32 million in shares for the first semester of 2014 and P6.38-million in the 10-per cent retention share for the first semester of 2012.
"This is part of our commitment to our neighboring LGUs to spur development in the local communities and help achieve President Aquino's goal of inclusive growth," Garcia said, adding that the amount is 26 per cent higher than the P74.5 million released in the same period last year.
The SBMA also released last February a total of P81.3 million in revenue shares for the second half of 2013.
For this period, Olongapo City will again receive the biggest share of P22.7 million, while Subic, Zambales will get P14 million; Dinalupihan, Bataan, P11.8 million; San Marcelino, Zambales, P11.3 million; Hermosa, Bataan, P9.6 million; San Antonio, Zambales, P8.3 million; Morong, Bataan, P8.1 million; and Castillejos, Zambales, P8 million.
The LGU shares come from part of the five percent corporate taxes paid by Subic Bay Freeport-registered enterprises, of which two per cent goes directly to the SBMA treasury while the other three goes to the national coffers through the Bureau of Internal Revenue (BIR).
The direct payment scheme was initiated by the SBMA some four years ago to hasten the release of LGU shares, which aim to augment LGU funds for developments projects on health, education, peace and order, and livelihood generation programs.
The LGU share is determined according to the following criteria: population, 50 percent; land area, 25 percent; and equal sharing, 25 percent. (30)