SUBIC BIR & CUSTOMS COLLECTIONS hit record P7.16-B in 2011
SUBIC BAY FREEPORT — Combined cash collections generated by the Bureau of Customs (BoC) and the Bureau of Internal Revenue (BIR) in this free port and remitted to the National Treasury reached a total of P7.16 billion last year, the biggest remittance record for the Subic Bay Freeport since 1998.
The 2011 revenue figure, which is composed of remittances from the BoC and the BIR here, represents an increase of 7.2 per cent, or P480.16 million, over the 2010 combined cash collection of P6.68 billion.
Subic Bay Metropolitan Authority (SBMA) Chairman Roberto Garcia said that Subic’s revenue generation performance continues its upswing up to the present, “indicating continuing growth and sustainability.”
Garcia pointed out that from P5.28 billion in 2008, remittances by the Subic Bay Freeport grew to P5.6 billion in 2009, P6.68 billion in 2010, and then P7.16 billion in 2011.
“There’s slight, but nevertheless constant growth in the past few years, and we’re happy with that,” Garcia said. “But we’re aiming for better figures this year,” he added.
According to year-end records submitted to the SBMA by the BoC office here, the bureau came up with a total of P6.05 billion in 2011.
This meant an increase of 21.7 per cent, or P1.08 billion, over its P4.97-billion cash collection in 2010.
The BoC’s income here were derived from duties and taxes from ship calls, transhipment operations, and the importation of various products, including oil, motor vehicles, and other general merchandise.
As early as October 2011, cash collection by the Bureau reached P5.05 billion, already surpassing the previous year’s year-end posting of P4.97 billion.
