Subic Bay Freeport—Eight neighboring local government units (LGUs) of this premier freeport have received their share of revenues from the Subic Bay Metropolitan Authority (SBMA), amounting to ₱180.67 million.
The funds were sourced from the SBMA’s revenue collection from January to June this year. SBMA administrator Rolen Paulino led the distribution of the funds to the local government officials in a simple ceremony at a newly opened Japanese restaurant here.
“I am optimistic that under the leadership of our new President Ferdinand Marcos, Jr., our economy will improve and the LGU’s shares will be bigger especially if more investors will invest in Subic,” Paulino said.
Paulino called for unity among the stakeholders in much the same way the SBMA patronizes businesses in the freeport by holding meetings and other events in various establishments. This way, businesses here are able to earn and pay their rent and the salaries of their employees, he said.
Paulino said that this practice would also be beneficial to potential investors eyeing the Subic Freeport as a new destination.
During the turnover ceremony, Olongapo City Mayor Lenj Paulino received the biggest share at ₱42.02 million; while, Subic, Zambales municipal treasurer Rosemarie Custodio received ₱24.62-million.
Dinalupihan, Bataan mayor Herman Santos received ₱22.47-million; San Marcelino, Zambales municipal treasurer Eleanor Damasco received ₱21.65-million for Hermosa, Bataan;, Anne Inton received ₱19.3- million; Castillejos, Zambales Mayor Jeff Khonghun received ₱16.47-million; Morong, Bataan assistant municipal treasurer Ma. Teresita Reyes received ₱15.95-million, and San Antonio, Zambales Mayor Edzel Lonzanida received ₱5.37-million.
Meanwhile, SBMA deputy administrator Antonietta Sanqui said that the LGU shares were determined based on population (50 per cent), land area (25 per cent), and equal sharing (25 per cent).
“The revenue shares being released by the SBMA every semester are derived from the corporate tax, which is two percent of the five-percent special tax it collects from business locators in the Subic Bay Freeport Zone,” she explained.
Sanqui added that the SBMA has been releasing revenue shares directly to the LGUs since August 2010. Previously, corporate taxes were remitted first to the national government, which would then distribute the shares to the concerned LGUs.