22 September 2008

Subic revenues hit P3.55-B in first 8 months

Revenue collections in this free port amounted to more than P3.55 billion in the first eight months of the year, boosted by positive growth in cash receipts by both the Bureau of Customs (BoC) and the Bureau of Internal Revenue (BIR).

Figures released by the Subic Bay Metropolitan Authority (SBMA) indicated that the two collection agencies here posted a combined increase of more than P251 million, or 7.61% over last year’s January to August revenue total of P3.3 billion.

The surge in tax and duties collection started in June this year, when a positive variance of 40.05% was recorded, followed by increases of 12.27% and 8.36%, respectively, in the next two months.

SBMA Administrator Armand Arreza said the positive tally is “reflective of the growth in business operations” by the more than 1,100 investor firms in the Subic Bay Freeport, as well as the increasing number of port users.

“The growing number of business locators in Subic also contributed to the growth in income taxes collected from Freeport employees, which now number to almost 82,000,” he said.

He added that in just the first eight months alone, the active workforce in the Subic Freeport rose by 11,321 from 70,408 at the end of 2007.

According to figures submitted by the BoC to the SBMA, the bureau’s cash receipts this year totaled P2,539,272,857.53 as of August, representing an increase of 8.11% over the P2,348,694,404.81 posted in the same period last year.

The overall growth was attained despite negative month-on-month variances posted in March, with –13.7%, and May, with –21.63%.

The highest monthly total in the eight-month period was recorded in July when BoC collected P393,074,394.64, followed by P367,591,192.46 in June, and P335,330,989.39 in August.

Meanwhile, non-cash revenues by the BoC, which are not included in the total cash receipts, amounted to P3.54 billion in the first eight months. This figure represented a percentage increase of 118.48 over the 2007 total of P1.58 billion.

As for the BIR, its income tax collections rose by 6.35% in January to August 2008, compared to its 2007 performance.

The BIR said it collected a total of P1,014,153,609.10 this year, compared to P953,566,367.74 in January to August 2007.

The bureau’s biggest tax haul was made in April when collections reached

The agency also posted a 61.8% month-on-month increase in March and 24.36% in August, despite negative variances in January (-28.83%) and February (-33.01%). (SBMA Corporate Communications)