September 29, 2024 | 12:00am
SUBIC BAY FREEPORT, Philippines — The Subic Bay Metropolitan Authority (SBMA) has released P204.7 million in net revenue shares for eight neighboring localities of the premier Freeport.
The net share given to eight contiguous local government units (LGUs) is part of the five percent corporate taxes paid by the Subic Bay Freeport-registered enterprises from January to June.
Ramon Agregado, SBMA senior deputy administrator for support services, led the distribution of the LGU shares generated during the first half of 2024.
This year’s net revenue shares for LGUs are slightly higher compared to the P203 million given for the same period last year.
For the LGUs in Zambales, Olongapo City received the highest share at P47.8 million, followed by the towns of Subic (P30.7 million), San Marcelino (P24.5 million) and San Antonio (P17.4 million).
For Bataan province, the towns of Dinalupihan, Hermosa and Morong were given P25.5 million, P21.9 million and P18.1 million, repectively.
Since August 2010, revenue shares were directly released to the LGUs on a bi-annual basis – August for the first semester and February the following year for the second semester.
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