The Subic Bay Metropolitan Authority (SBMA) is set to release next week some P105 million in revenue shares to local government units (LGUs) adjacent to and affected by the operation of the Subic Bay Freeport Zone.
SBMA Chairman Roberto Garcia announced on Monday that the funds will be made available to the LGUs starting February 6.
The amount consists of P98 million in total revenue shares culled from July to December 2014, and P7 million in refunds of the 10-per cent retention withheld in the second semester of 2012.
According to the SBMA Accounting Department, the P98-milion figure exceeds by 41 per cent the P74.5-million shares given for the same period last year.
Garcia said the distribution of the revenue shares is aimed at spurring development in the eight neighboring LGUs and helping achieve President Aquino's goal of inclusive growth.
In August 2014, the SBMA released a total of P93.7 million in revenue shares for the first half of 2014, for a total LGU share of P199 million last year.
For this period, Olongapo City will receive the biggest share at P25.5 million, while Subic, Zambales will get P15.7 million; Dinalupihan, Bataan, P13.2 million; San Marcelino, Zambales, P12.7 million; Hermosa, Bataan, P10.8 million; San Antonio, Zambales, P9.3 million; Morong, Bataan, P9.1 million; and Castillejos, Zambales, P9 million.
The LGU share is determined according to 50 per cent population, 25 per cent land area, and 25 per cent equal sharing.
The LGU shares come from part of the five per cent corporate taxes paid by Subic Bay Freeport-registered enterprises, of which two per cent goes directly to the SBMA treasury while the other three goes to the national coffers through the Bureau of Internal Revenue (BIR).
The direct payment scheme was initiated by the SBMA some four years ago to hasten the release of LGU shares, which augment LGU funds for developments projects in health, education, peace and order, and livelihood generation. (RFD/MPD-SBMA)
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