SBMA said it will release this week a total of P81.3 million in revenue shares to contiguous local government units in Bataan and Zambales that is covered by its Freeport Zone.
Olongapo City will receive the biggest share at P19.76 million followed by Subic town in Zambales- P12.06million, Dinalupihan in Bataan-P10.2 million, San Marcelino in Zambales-P9.84 million, Hermosa in Bataan-P8.3 million, San Antonio in Zambales- P7.17 million, Morong in Bataan-P7.03 million, and Castillejos in Zambales-P6.94 million.
“The amount to be released consists of P73.82 million which is the net amount due for the current period and P7.48 million which serves as refund of the 10 percent retention withheld in the second semester of 2011,” SBMA Chairman Roberto Garcia reported.
Chairman Garcia reported also that SBMA earned a total of P1.2 billion net income last year,breaking the record in SBMA that is attributed to Garcia for effective management and leadership.
LGU shares are part of the five percent corporate taxes paid by Subic Bay Freeport-registered enterprises from July to December 2013.
Two third of SBMA belongs to the political jurisdiction Of Bataan.
Under the law, Two percent of this is being paid directly to the SBMA treasury, while the other three percent is remitted to the national treasury through the Bureau of Internal Revenue.
The direct payment scheme was implemented by the SBMA starting August 2010 to ensure the prompt release of LGU shares.
LGU shares are intended to support developments projects in the recipient communities specifically for health, education, peace and order, and livelihood generation programs.
It is determined according to the following criteria: 50 percent population, 25 percent land area, and 25 equal sharing.