The Subic Bay Metropolitan Authority (SBMA) will release this month a total of P72 million in revenue shares to the seven municipalities and one city that are located near this premier free port.
According to SBMA chairman and administrator Roberto Garcia, the funds to be given to neighboring local government units (LGUs) were derived from two percent of the corporate taxes paid by registered Subic Freeport enterprises from June to December 2012.
Since August 2010, the SBMA, under a new tax collection scheme, began directly receiving two percent of the five percent corporate taxes paid by Subic firms to help ensure the prompt release of these shares to neighboring LGUs.
The rest of the five percent, whichis three percent, goes to the national treasury through the Bureau of Internal Revenue (BIR).
For the second semester, Olongapo City has been allotted a total P17.5 million. In Zambales, the town of Subic will receive P10.69, while San Marcelino will get P8.7 million, San Antonio P6.35 million, and Castillejos P6.15 million.
In the province of Bataan, meanwhile, Dinalupihan will have P9.04 million, Hermosa P7.34 million, and Morong will get P6.22.
Garcia said the LGU revenue shares, which are given to communities that are contiguous to and affected by the Freeport, “are intended to augment local resources and enable stakeholder communities to undertake development projects in health, education, peace and order, and livelihood generation.”
The SBMA funds benefit an estimated 600,000 residents in the contiguous municipalities, Garcia added.
According to the SBMA Treasury Department, the allocation of the LGU revenue shares is determined according to population, which is accorded a 50 percent weight, land area for 25 percent, and equal sharing for another 25 percent.
A retention share of 10 percent is deducted from the actual allocations, but is refunded to the LGUs after a certain period.
Chairman Garcia said that the 10 percent retained amount from May to December 2010 amounted to P6.21 million and was included in the fund released this month.
The LGU shares are regularly released twice a year - the first semester share in August, and the second semester share in February of the following year.
For 2012, the SBMA released a total of P129.4 million in LGU shares, while it distributed a total of P132.96 million in 2011. (RFD/MPD-SBMA)
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