Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Wilma T. Eisma last week releases the revenue shares to local government units (LGUs) of areas contiguous to the Subic Bay Freeport Zone for the second half of 2020.
The LGU shares dropped to almost 30% lower due to the Covid-19 pandemic. For the municipality of Hermosa Mayor Inton personally received from Atty. Eisma the ceremonial and actual check from the SBMA amounting to P12,818,258.50.
The total revenue shares released amounted to P123.1-million, and were distributed to local government units of Olongapo City P28,631,819.10; Subic, Zambales P18,820,655.14; Dinalupihan, Bataan P15,311,741.98; San Marcelino, Zambales P14,753,996.41; Hermosa, Bataan P12,818,258.50; Castillejos, Zambales P11,522,821.52; Morong, Bataan P10,697,853.76; and San Antonio, Zambales P10,549,471.67.
The local government’s share is determined according to population (50%), land area (25%), and equal sharing (25%).
Olongapo, a highly urbanized city, always gets the biggest chunk of the shares. The shares constitute 2% of the 5% gross corporate income taxes paid by business enterprises inside the Subic Bay Freeport Zone.
These shares were intended to augment LGU funds for tourism, infrastructure, education, peace and order, health, and livelihood generation.
The LGU shares are released twice a year, with tax collections from January to June handed out in August, and collections from July to December distributed in February the following year.
Last year 2020, the SBMA has released a total of P277.98 million in revenue shares to 7 municipalities and one city near the Subic Bay Freeport Zone.