SBMA hikes revenue shares of LGUs

SUBIC BAY FREEPORT – The Subic Bay Metropolitan Authority (SBMA) will be releasing at least P124 million in revenue shares for the first semester to the seven municipalities and one city located near this premier free port.

This was announced by SBMA chairman Roberto Garcia, adding that the P124-million shares for the first semester of 2015 topped last year’s P93.7 million by 32.5 per cent.

Garcia said 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,” he said.

Garcia said the LGU shares are derived from two percent of the five 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.

In Bataan, meanwhile, Dinalupihan will have P15.6 million, Hermosa P12.7 million, and Morong will get P10.7 million.

Garcia said 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 said.

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 per cent is deducted from the actual allocations, but is refunded to the LGUs after a certain period.

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.