LGUs 1st Semester SBMA Revenue Shares Up 32.5% to P124M

Subic Bay Metropolitan Authority (SBMA) will release this month a total of P124 million as revenue shares for the Ist Semester to the Subic Bay Freeport’s neigboring seven municipalities and one city.

The figure topped last year’s P93.7 million by 32.5 percent.

According to SBMA Chairman & Administrator Roberto V. Garcia, “a much improved business environment in the Freeport in the 1st semester paves the way for better bottom lines and the start-up operations of many new locators.”

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 the period, Olongapo City, will receive a total of 30 million, the biggest share to be released .

The town of Subic, Zambales will receive P18.5 million, while Castillejos will get P10 million, San Antonio P10.9 million, and San Marcelino P8.7 million.

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

Garcia said the LGU revenue shares are given to communities that are contiguous to and affected by the operations of Subic Bay Freeport and “are intended to augment local resources and enable stakeholder communities to undertake development projects in health, education, peace and order, and livelihood generation.”

Some 600,000 residents in the contiguous municipalities benefit from the fund, Garcia said.

Allocation of the LGU revenue shares is determined according to population, which is accorded a 50% weight, land area for 25%, and equal sharing for another 25%.

Ten (10) percent is deducted from the actual allocations as retention share, but is eventually refunded to the LGUs after at a later date. (V.V.V.)