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SBMA to release P81.3-M LGU share for 2nd sem 2013
Jan 28, 2014

SUBIC BAY FREEPORT - Staying true to its commitment to "spur development" in neighboring areas, the Subic Bay Metropolitan Authority (SBMA) will be releasing a total of P81.3 million in revenue shares to local government units (LGUs) in communities adjacent to and affected by the Subic Bay Freeport Zone.

SBMA Chairman Roberto Garcia said the funds will be made available starting the first week of February.

The total amount to be released consists of P73.82 million, which is the net amount due for the current period, and P7.48 million, which serves as refund of the 10 percent retention withheld in the second semester of 2011.

The LGU shares to be released are part of the five percent corporate taxes paid by Subic Bay Freeport-registered enterprises from July to December 2013. Two percent of this is being paid directly to the SBMA treasury, while the other three percent is remitted to the national treasury through the Bureau of Internal Revenue (BIR).

The direct payment scheme was implemented by the SBMA starting August 2010 to ensure the prompt release of LGU shares.

In the scheduled release, Olongapo City will receive the biggest share of P19.76 million, while Subic, Zambales will get P12.06 million; Dinalupihan, Bataan, P10.2 million; San Marcelino, Zambales, P9.84 million; Hermosa, Bataan, P8.3 million; San Antonio, Zambales, P7.17 million; Morong, Bataan, P7.03 million; and Castillejos, Zambales, P6.94 million.

The LGU shares, Garcia said, are intended to support developments projects in the recipient communities, specifically for health, education, peace and order, and livelihood generation programs.

The LGU share is determined according to the following criteria: 50 percent population, 25 percent land area, and 25 equal sharing.

Garcia said the SBMA is intent on helping neighbor LGUs attain a faster pace of development by providing regular and timely assistance.

"The SBMA continues to implement an intense marketing strategy to attract new investments, because aside from the jobs it will create for the residents, it will also generate revenue shares for the local government units," Garcia explained.

Garcia also said that the SBMA is now eyeing to attract investors to the San Antonio Economic Development Area in Zambales. This is after the San Antonio municipal government converted a 10,000-hectare area in the municipality for development into an additional secured area of the Subic Bay Freeport Zone. (30)

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