P74.5-M revenue share for LGUs around Subic freeport
SUBIC BAY FREEPORT, Philippines — The Subic Bay Metropolitan Authority (SBMA) is set to release a total of P74.5 million worth of checks to the communities surrounding this freeport.
The said figure consists of the P67.2 million revenue share for the first semester and the P7.3 million 10% retention withheld from the revenue share released in the first semester of 2011, SBMA Chairman and Administrator Roberto Garcia disclosed in a statement sent to Rappler.
According to SBMA Treasury Department records, Olongapo City will receive the biggest chunk of shares with a total of P18.12 million, while Subic, Zambales follows next with P11.05 million.
Next comes Dinalupihan, Bataan, with P9.35 million; San Marcelino, Zambales, P9.02 million; Hermosa, Bataan, P7.6 million; San Antonio, Zambales, P6.57 million; Morong, Bataan, P6.44 million; and Castillejos, Zambales, P6.36 million.
The funds will be disbursed on August 1, Garcia said.
The LGU shares are derived from 2% of the 5% corporate taxes paid by Subic Bay Freeport-registered enterprises from January to June 2013. The other 3% of the taxes paid are remitted directly to the national government through the Bureau of Internal Revenue (BIR).
The SBMA began releasing the shares directly to LGUs after a new tax collection scheme was implemented in August 2010 by the agency to ensure the prompt release of shares to the local communities.
Garcia explained that these shares are intended to supplement development projects in health, education, peace and order, and livelihood generation of contiguous local government units (LGUs).
“The SBMA is continuing with its task of attracting more investments. The more investments we generate, the more revenue share we can collect from corporate taxes. And these will be forwarded to neighboring communities of the Subic Bay Freeport,” Garcia said.
The LGU share is determined according to population (50%), land area (25%), and equal sharing (25%). - Rappler.com