SUBIC BAY FREEPORT — The Subic Bay Metropolitan Authority (SBMA) will release a total of P124 million in revenue shares for the first semester to the seven municipalities and one city located near this premier free port.
The P124-million shares released for the first semester of 2015 topped last year’s P93.7 million by 32.5 percent.
According to SBMA Chairman Roberto Garcia, the increase in revenue shares of the local government units (LGUs) was brought about by the higher profits enjoyed by both the Agency and the Freeport locators during the period.
“The first semester saw a much improved business environment in the Freeport, which paved the way for better bottom lines and the start-up operations of many new locators,” the SBMA chairman added.
Garcia who also announced that the funds for the LGUs would already be available last Friday, August 7, said the LGU shares are derived from 2 percent of the 5 percent corporate taxes paid by Subic Bay Freeport-registered enterprises from January to June 2015.
For this period, Olongapo City has been allotted a total of P30 million, the biggest share to be released. In Zambales, the town of Subic will receive P18.5 million, while Castillejos will get P10.6 million, San Antonio P10.9 million, and San Marcelino P8.7 million.
According to Garcia, the LGU revenue shares, which are given to communities that are contiguous to and affected by the operations of Subic Bay Freeport, “are intended to augment local resources and enable stakeholder communities to undertake development projects in health, education, peace and order, and livelihood generation.” The SBMA funds benefit more than 600,000 residents in the contiguous municipalities, Garcia added.
According to the SBMA Treasury Department, the allocation of the LGU revenue shares is determined according to population, which is accorded a 50 percent weight, land area for 25 percent, and equal sharing for another 25 percent. A retention share of 10 percent is deducted from the actual allocations, but is refunded to the LGUs after a certain period.
Chairman Garcia also said that the 10 percent retained amount from January to June 2013, amounting to P7.5 million, was included in the fund released this period.