SBMA Deputy Administrator for Finance Antonietta Sanqui (right) hands over to a symbolic check containing more than P38-million share to a representative of Olongapo City (Photo courtesy of SBMA)
SUBIC BAY FREEPORT — The neighboring towns and cities of this free port received a total of P166,167,942 revenue shares from the Subic Bay Metropolitan Authority (SBMA) on Friday, Aug. 6.
The biggest shares went to Olongapo City with P38,646,910.80, followed by Subic with P25,403,910.86; Dinalupihan, P20,667,618.91; San Marcelino, P19,914,780.16; Hermosa, P17,301,942.69; Castillejos, P15,553,376.27; Morong, P14,439,842.95; and San Antonio, P14,239,559.46.
In a statement, SBMA Chair and Administrator Wilma Eisma said the amounts represent the 2021 first semester revenue shares of the local government units (LGUs).
It was 7.29 percent higher than the P154,873,605 distributed in the same period last year.
But Eisma noted that the amounts were far smaller than the shares given to these LGUs before the pandemic caused an economic slowdown among businesses.
Eisma said the determination by the SBMA to stop the virus spread and efforts to develop new revenue streams helped increase the agency’s income this year and subsequently the LGU allocations despite the economic downturn.
Records showed that SBMA had already given P656.85 million to these LGUs in the last two years alone.
The LGU officials said they would use the money to fund various health programs, especially the fight against the COVID-19.
These revenue shares are taken from the five-percent taxes paid by business locators in the free port and are apportioned among LGUs according to population (50%), land area (25%), and equal sharing (25%).
Republic Act No. 9400, which amended RA 7227 or the Bases Conversion and Development Act of 1992, directs the SBMA to allocate two out of the five percent of gross income earned for LGU shares.