SBMA TO RELEASE P178-M REVENUE SHARES TO NEIGHBORING LGUS

SUBIC BAY FREEPORT: The Subic Bay Metropolitan Authority (SBMA) is set to release P178 million to seven municipalities and one city as revenue shares from the country’s premier freeport.

SBMA Chairman and Administrator Eduardo Jose Aliño said that revenue shares are given to neighboring local government units (LGUs) to augment their local resources for development projects in health, education, peace and order, and livelihood generation.

“These revenue shares that the agency received from the locators’ gross income, are intended to create a parallel development between the freeport and its nearby LGUs. SBMA is highly committed to support our neighboring localities by helping them improve the living conditions of their residents,” Aliño said.

Aliño said Olongapo City will receive a net share of P41.62 million followed by the Zambales towns of Subic (P26.7 million), Castillejos (P16.18 million), San Marcelino (P21.37) and San Antonio (P15.13).

In Bataan, Morong town will receive P15.73 million, Hermosa P19.06 million, and Dinalupihan P22.17 million.

The SBMA accounting department said the shares to be released accounted for two percent of the five percent tax on gross income paid for by free port locators for the period July to December 2023. The other three percent of the taxes paid are remitted directly to the national government.

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

Aliño said the shares given by the SBMA to the neighboring communities would benefit almost 750,000 residents in the said areas.

Over the period of 10 years, LGU shares significantly increased by 118.94 percent from 81.3 million in 2014. This is attributed to the growing number of locators who continue to trust in the services accorded to them by the agency.