SUBIC BAY FREEPORT — A total of P23.12 million went to the local government of Hermosa in Bataan in a latest revenue shares released by the Subic Bay Subic Bay Metropolitan Authority (SBMA) to neighboring local government units (LGUs).
At present the revenue shares have reached a total of more than P1.87 billion, after it distributed last week the dividends for the second half of 2018.
SBMA Chairman and Administrator Wilma T. Eisma said in a media briefing last Wednesday that the SBMA had released the latest shares totaling P222.13 million to the eight LGUs contiguous to and affected by operations of the Subic Bay Freeport Zone.
The latest releases brought total shares distributed by the SBMA in the last nine years to P1,872,082,051.04, SBMA records showed.
In a simple ceremony, the individual checks for the latest LGU shares were handed over last Tuesday by SBMA Senior Deputy Administrator Ramon Agregado to representatives of the eight LGUs at the SBMA Board Room.
The biggest shares went to Olongapo City at P51.66 million; followed by Subic, Zambales, with P33.96 million; and Dinalupihan, Bataan, P27.62 million.
Other recipients were San Marcelino, Zambales, which received P26.62 million; Castillejos, Zambales, P20.79 million; Morong, Bataan, P19.3 million; and San Antonio, Zambales, P19.035 million.
The revenue shares were funded by corporate taxes collected from registered Subic Bay Freeport enterprises, which pay a 5-percent tax on their gross income earned within the zone.
Three percent of the 5-percent corporate tax directly goes to the national treasury, while the other 2 percent is distributed to neighboring LGUs as revenue share.
The amount that an LGU gets from the SBMA collection is determined according to population (50 percent), land area (25 percent) and equal sharing (25 percent).
LGU shares in the last nine years that the SBMA had directly released them had been growing in proportion to the growth of business and investment in the Subic Bay Freeport Zone.
Last week’s release of P222.13 million was 66 percent bigger than the P147.13 million released by the SBMA in August 2018 for the revenue shares for the first half of 2018.
However, Eisma said the Subic agency does not have any record of the projects funded by the LGU shares since the law did not require the local governments to report to the SBMA how they disbursed the shares.
“We just hope that the LGUs are using the shares properly and accountably because these releases are precisely intended for them to be able to keep pace with the developments in the Subic Bay Freeport,” Eisma said.
According to SBMA records, Olongapo City has received a total of P448.45 million in LGU shares since 2010, the biggest among the recipients. Subic comes next with P280.38 million; Dinalupihan, P234 million; San Marcelino, P225.51 million; Hermosa, P192.41 million; Castillejos, P165.82 million; San Antonio, P163 milion; and Morong, P162.35 million.
Other recipients were San Marcelino, Zambales, which received P26.62 million; Castillejos, Zambales, P20.79 million; Morong, Bataan, P19.3 million; and San Antonio, Zambales, P19.035 million.
The revenue shares were funded by corporate taxes collected from registered Subic Bay Freeport enterprises, which pay a 5-percent tax on their gross income earned within the zone.
Three percent of the 5-percent corporate tax directly goes to the national treasury, while the other 2 percent is distributed to neighboring LGUs as revenue share.
The amount that an LGU gets from the SBMA collection is determined according to population (50 percent), land area (25 percent) and equal sharing (25 percent).
LGU shares in the last nine years that the SBMA had directly released them had been growing in proportion to the growth of business and investment in the Subic Bay Freeport Zone.
Last week’s release of P222.13 million was 66 percent bigger than the P147.13 million released by the SBMA in August 2018 for the revenue shares for the first half of 2018.
However, Eisma said the Subic agency does not have any record of the projects funded by the LGU shares since the law did not require the local governments to report to the SBMA how they disbursed the shares.
“We just hope that the LGUs are using the shares properly and accountably because these releases are precisely intended for them to be able to keep pace with the developments in the Subic Bay Freeport,” Eisma said.
According to SBMA records, Olongapo City has received a total of P448.45 million in LGU shares since 2010, the biggest among the recipients. Subic comes next with P280.38 million; Dinalupihan, P234 million; San Marcelino, P225.51 million; Hermosa, P192.41 million; Castillejos, P165.82 million; San Antonio, P163 milion; and Morong, P162.35 million.
was 66 percent bigger than the P147.13 million released by the SBMA in August 2018 for the revenue shares for the first half of 2018.
However, Eisma said the Subic agency does not have any record of the projects funded by the LGU shares since the law did not require the local governments to report to the SBMA how they disbursed the shares.
“We just hope that the LGUs are using the shares properly and accountably because these releases are precisely intended for them to be able to keep pace with the developments in the Subic Bay Freeport,” Eisma said.
According to SBMA records, Olongapo City has received a total of P448.45 million in LGU shares since 2010, the biggest among the recipients. Subic comes next with P280.38 million; Dinalupihan, P234 million; San Marcelino, P225.51 million; Hermosa, P192.41 million; Castillejos, P165.82 million; San Antonio, P163 milion; and Morong, P162.35 million.
rs that the SBMA had directly released them had been growing in proportion to the growth of business and investment in the Subic Bay Freeport Zone.
Last week’s release of P222.13 million was 66 percent bigger than the P147.13 million released by the SBMA in August 2018 for the revenue shares for the first half of 2018.
However, Eisma said the Subic agency does not have any record of the projects funded by the LGU shares since the law did not require the local governments to report to the SBMA how they disbursed the shares.
“We just hope that the LGUs are using the shares properly and accountably because these releases are precisely intended for them to be able to keep pace with the developments in the Subic Bay Freeport,” Eisma said.
According to SBMA records, Olongapo City has received a total of P448.45 million in LGU shares since 2010, the biggest among the recipients. Subic comes next with P280.38 million; Dinalupihan, P234 million; San Marcelino, P225.51 million; Hermosa, P192.41 million; Castillejos, P165.82 million; San Antonio, P163 milion; and Morong, P162.35 million.