Olongapo SubicBay BatangGapo Newscenter

Wednesday, September 01, 2004

Olongapo Asserts its Shares at SBMA

The City Council today passed a resolution requesting the honorable Senator Richard J. Gordon to intercede for the city of Olongapo the release of the rightful shares of Olongapo city from CYs 1994-1998 tax collected pursuant to Republic Act no. 7227 Otherwise known as the “Bases Conversion and Development act of 1992”

With the creation of Subic Bay Metropolitan Authority (SBMA) and pursuant to the provisions of Republic Act No. 7227, the affected and contiguous area of the Subic Bay Freeport (SBF) and Special Economic Zone (SEZ) have a right to claim the 2% of the 5% tax on gross income earned (GIE) from businesses and enterprises within the Subic Bay Freeport Zone (SBFZ). The City of Olongapo is both an affected and a contiguous area of the SBF and SEZ and the City of Olongapo has yet to collect its rightful share of two percent (2%) from 1994-1998

Undersecretary Nieves L. Osorio of the Department of Finance, in response to city Resolution No. 44 entitled “A Resolution Requesting Her Excellency President Gloria Macapagal-Arroyo To Intercede With Both Houses Of Congress, Department Of Finance (DOF) And The Department Of Budget And Management (DBM) For the Release Of The Rightful Share Of Olongapo City From CYs 1994-1998 Pursuant To Republic Act No. 7227 Otherwise Entitled “Bases Conversion And Development Act of 1992” forwarded on March 2004, advised that the City of Olongapo should make representations with the DBM in preparation for the 2005 budget, since the said income is a prior year collection and already forms part of the General Fund. Thus, allocation for the General Fund for the Share of the City of Olongapo from the 5% gross income earned for SBF and SEZ will require appropriation from the General Appropriations Act.
The man who envisioned the great potentials of SBMA creation, now Senator Richard J. Gordon, has always protected the interests of the people of Olongapo, all for the common good, in his capacity as former SBMA Chairman and Committee Member of Government-Owned and Controlled Corporations (GOCCs) in the Senate knows very well the rationale for the City’s claim of the 2% rightful shares of the City from the 5% gross income taxes on businesses and/or enterprises within the SBF and SEZ


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