SUBIC BAY FREEPORT—The Subic Bay Metropolitan Authority (SBMA) formally turned over revenue shares for local government units (LGUs) covered by the operations of the freeport.
SBMA chairman and administrator Jonathan D. Tan led the turnover of the revenues to mayors of the eight LGUs.
LGU shares are derived from the 2% of the 5% corporate taxes paid by Subic Bay Freeport-registered enterprises from January to June 2023, which amounted to P207.65 million.
Less net retention amount of P4.62 million, LGU shares in the amount of ₱203 million were turned over by Tan for the first time during a simple ceremony at the Subic Bay Travelers Hotel.
Grateful for the positive turnout of LGU officials, Tan gave a briefing of the future development projects that the agency will be undertaking during the next few years of his term.
“These development projects will surely add value to the agency as it makes an effort to attract more investments; and with more investments, more jobs will be created not only for the residents of the neighboring towns of Subic, but also for the residents of neighboring provinces,” Tan assured.
With this, Tan also asked the beneficiary-LGUs for their help and cooperation in promoting Subic Bay Freeport to prospective investors.
“The more investments we get, the more jobs we create. The more revenues we generate, the more shares the LGUs get,” he added.
For the province of Zambales, Olongapo City mayor Rolen Paulino, Jr. received the highest share in the amount of ₱47.46 million; Subic mayor Jon Khonghun received ₱30.5 million; a representative of Castillejos mayor Jeff Khonghun received ₱18.5 million; San Marcelino mayor Elmer Soria received ₱24.38 million; and San Antonio mayor Edzel Lonzanida received ₱17.27 million.
Meanwhile, for the province of Bataan, Dinalupihan mayor German Santos, Jr. received ₱25.28 million; Hermosa mayor Joseph Inton received P21.7 million; and last but not the least, Morong mayor Cynthia Estanislao received ₱17.9 million.
The ₱207.65-million revenue share covers the first semester of 2023, with ₱16.14 million retention from the first semester 2021 collection, less ₱20.76 million for the current collection’s ten percent retention.
These revenue shares are intended to supplement development projects in health, education, peace and order, and livelihood generation of the contiguous LGUs.
The SBMA started releasing the shares directly to LGUs in August 2010 to ensure their prompt remittance to the local communities. The LGU share is determined according to population (50 per cent), land area (25 per cent), and equal sharing (25 per cent), which are then released periodically in August, for the first semester, and February the following year, for the second semester.