SUBIC BAY FREEPORT ZONE – The Subic Bay Metropolitan Authority (SBMA) has remitted ₱1.465 billion in dividends to the national government, strengthening the agency’s support for development programs without increasing tax burdens on the public.
SBMA Chairperson and Administrator Eduardo Jose Aliño handed over the remittance to Finance Secretary Ralph Recto, underscoring the economic vitality of the Subic Bay Freeport Zone.
Aliño explained that the remitted amount represents ₱798,267,923.24 in net earnings for 2024 and ₱667,210,562.46 as the final installment of dividends from 2022, in compliance with Republic Act No. 7656.
The law mandates government-owned and -controlled corporations (GOCCs) to remit at least 50 percent of their annual net income to the National Treasury.
“Aside from the dividend due, the ₱1.465-billion earnings also include the ₱667 million as the last installment for dividends of 2022,” he said.
Moreover, Secretary Recto emphasized the importance of dividend contributions from GOCCs in supporting public services.
“Dividends help raise funds for government programs without raising taxes on our people,” he noted.
He also commended SBMA’s transformation from a former military base into a thriving economic zone.
“I urge the SBMA to keep innovating and raising standards to make Subic a destination of choice for global investors and a driver of economic opportunities for Filipinos,” Recto added.