SBMA releases P222-M to local government units
SUBIC BAY FREEPORT — A total of P222.13 million of revenue shares for the second semester 2018 dividends have been released to neighboring local government units (LGUs).
Ramon Agregado, Subic Bay Metropolitan Authority (SBMA) senior deputy administrator for support services, said that on Tuesday they have distributed the shares to representatives of the eight LGUs at the SBMA Board Room.
The biggest share went to Olongapo City at P51,663,390.29; followed by Subic, Zam bal es with P33,960,079.44; Dinalupihan, Bataan, P27,628,579.88; and San Marcelino, Zambales, P26,622,181.11.
The rest went to Hermosa, Bataan with P23,129,326.47; Castillejos, Zambales, P20,791,833.84; Mor ong, Bataan, P19,303,258.14; and San Antonio, Zambales, P19,035,516.74.
The revenue shares are taken from corporate taxes collected from registered Subic Bay Freeport enterprises, which are rated as 5% of their gross income.
Under Republic Act No. 9400, which amended RA 7227 or the Bases Conversion and Development Act of 1992, business enterprises within the Subic Freeport Zone only pay a 5% tax on their gross income earned within the zone.
Three percent of the 5% corporate tax directly goes to the national treasury, while the other 2% is distributed to neighboring LGUs as revenue share.
The amount that an LGU gets from the SBMA collection is determined according to population (50%), land area (25%), and equal sharing ( 25%) .
SBMA Chairman and Administrator Wilma T. Eisma said the SBMA has now released a cumulative total of more than P1.87 billion
Garma said the recent drug haul was connected to the two kilos of shabu confiscated last February by operatives from the Pardo Police Station.
It has a total street value of P122, 400, 000. Ancajas, who hailed from Barangay Jugan, Consolacion, revealed to operatives his source of drugs where a second operation in Consolacion led to the confiscation of 10 kilos with a street value of P68,000,000.
Caught was Jocelyn Encila, from Barangay Casili, Consolacion but was placed under hospital arrest after she experienced loose bowel movement.
The two operations led to the seizure of P190, 400, 000 worth of illegal drugs.