MANILA, Philippines - The Subic Bay Metropolitan Authority (SBMA) intends to remit P94 million worth of revenue shares for the first semester to local government units (LGUs) adjacent to the Subic Bay Freeport Zone.
According to SBMA chairman Roberto Garcia, the funds would be made available to eight LGUs by Aug. 4.
Compared to the P74.5 million released by the SBMA to LGUs in the first-half last year, this year’s amount went up by 26 percent. “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 said.
Of the eight LGUs, Olongapo City would again receive the biggest share of P22.7 million.
The LGU set to receive the second biggest share is Subic, Zambales which would receive P14 million, followed by Dinalupihan, Bataan with P11.8 million.
Other LGUs which would get their share are San Marcelino, Zambales (P11.3 million); Hermosa, Bataan (P9.6 million); San Antonio, Zambales (P8.3 million); Morong, Bataan (P8.1 million); and Castillejos, Zambales (P8 million).
The amount received by a particular LGU is determined based on its population and total land area.
The LGU shares come from part of the five percent corporate tax paid by locators in the Subic Bay Freeport Zone.
Of the five percent corporate tax, two percent goes directly to the SBMA treasury and three percent is remitted to the national coffers through the Bureau of Internal Revenue.
In 2010, the SBMA started the direct payment scheme to hasten the release of LGU shares.
This, as the LGU shares are seen to augment funds for various projects covering health, education, peace and order, as well as livelihood generation.Source: http://www.philstar.com/business/2014/07/27/1350700/sbma-remit-p94-m-lgu-beneficiaries