17 July 2008

Subic Generates P2.5-B Revenue in 6 months

Total revenue generated in the Subic Bay Freeport in the first six months of the year has reached more than P2.5 billion, a slight increase from Subic’s duties and taxes collection performance in the same period last year.

SBMA Administrator and CEO Armand Arreza said total cash receipts by the Bureau of Customs (BOC) and the Bureau of Internal Revenue (BIR) offices here amounted to P1.81 billion and P753 million, respectively.

He added that both agencies surpassed their collection figures by one percent compared to their collection performances in January-June 2007.

According to the periodical report from the BOC, the bureau’s collection performance during the first six months this year grew by P133 million over its P1.68-billion record in the same period last year.

BOC’s collections were largely derived from duties and taxes paid by the Federal Express and other Subic locators trading in oil, motor vehicles and general merchandise.

The BOC office here also reported that that aside from its cash collection, the agency also posted a total of P2.3 billion in non-cash receipts, placing its combined cash and non-cash collections at a total of P4.1 billion.

In the same six-month period, the BOC said its collection performance peaked in June when it collected a total of P368 million. It also registered the biggest month-on-month percentage increase in June, with 40 percent or a variance of P130 million between the 2007 and 2008 figures.

Meanwhile, the BIR reported that its January-June 2008 collection record stood at P753 million, or four percent more than last year’s collection for the same period, which was P727 million.

The bureau’s receipts were derived from the income taxes of Freeport employees, profit taxes of locators, value-added taxes (VAT), as well as percentage taxes.

The BIR’s highest collection was recorded In April, when it received P210 million in taxes.

Arreza also expressed optimism that with the intensified marketing program undertaken by the SBMA, more companies could be expected to invest and create jobs in the Subic Freeport.

The growing number of business locators here would help boost the government’s revenue collection efforts as well, Arreza said. (SBMA Corporate Communications)