SUBIC BAY FREEPORT, July 28 (PIA) -- Subic Bay Metropolitan Authority (SBMA) will release beginning August 4 a total of P93.7 million in revenue shares to contiguous local government units (LGUs) in Bataan and Zambales that is covered by its Freeport Zone- up by 26 percent compared to the same period last year.
Olongapo City will still receive the biggest chunk at P22.7 million followed by Subic town in Zambales- P14 million, Dinalupihan in Bataan-P11.8 million, San Marcelino in Zambales-P11.3 million, Hermosa in Bataan-P9.6 million, San Antonio in Zambales- P8.3 million, Morong in Bataan-P8.1 million, and Castillejos in Zambales-P8 million.
“The amount to be released consists of P87.32 million in shares for the first semester of 2014 and P6.38 million in the 10 percent retention share for the first semester of 2012,” SBMA Chairman Roberto Garcia explained in a press statement.
"This is part of our commitment to our neighboring LGUs to spur development in the local communities and help achieve President Aquino's goal of inclusive growth,” Garcia added.
LGU shares are part of the five percent corporate taxes paid by Subic Bay Freeport-registered enterprises.
Two percent of this is being paid directly to the SBMA treasury, while the other three percent is remitted to the national treasury through the Bureau of Internal Revenue.
The direct payment scheme was implemented by the SBMA starting August 2010 to ensure the prompt release of LGU shares.
LGU shares are intended to support developments projects in the recipient communities specifically for health, education, peace and order, and livelihood generation programs.
It is determined according to the following criteria: 50 percent population, 25 percent land area, and 25 equal sharing. (CLJD-PIA 3)Source: http://news.pia.gov.ph/index.php?article=561406469439