Olongapo SubicBay BatangGapo Newscenter

Saturday, January 28, 2006

Subic Freeport Remits US$64 MLN in Revenue Collections

SUBIC BAY FREEPORT, Jan 25 Asia Pulse - Subic Bay Metropolitan Authority (SBMA) remitted to the national treasury, a total of P3.4 billion (US$64.3 million) in revenues derived from tax collections in 2005.

Year-end reports of the two collection agencies here have indicated that the Bureau of Internal Revenue (BIR) collected P951 million, while the Bureau of Customs (BoC) raised P2.5 billion in cash collections.

Subic Bay Metropolitan Authority (SBMA)chairman Feliciano G. Salonga said the P3.4 billion revenues collected were 12 per cent higher than last year's collection.

"This is really an indication that business activities here are indeed starting to roll again, and as we expect more investments to come in this year. Hopefully we could contribute more than that to the national government," Salonga said .

SBMA administrator Armand C. Arreza said SBMA is very keen on attracting more investors to locate in Subic freeport to be able to generate more revenues to support the governments various development programs as well as create more employment opportunities for residents of nearby communities.

From January to December of 2005, BIR in Subic posted total collections of P951 million, 27 per cent higher than 2004 level. ADVERTISEMENT

Subic Bay Revenue District Officer Edgar Tolentino explained that amount includes P903-million worth of income tax remittances of about 59,764 Freeport workers and 5,000 employees of the SBMA and its subsidiary Freeport Service Corporation (FSC), and the five per cent tax on gross income, as well as the withholding taxes from Freeport enterprises.

Meanwhile, Port of Subic Customs Collector Andres Salvacion reported that the BOC posted revenues amounting to P2.5 billion, which is seven per cent more than 2004s P2.3 billion. The collection came from domestic and foreign ship calls, transshipment operations and the taxes and duties paid for by the Freeport investors including importation of oil, motor vehicles, and other general merchandise, and operational taxes and duties collected from courier giant, Federal Express (FedEx).

Aside from the cash collections, some P1.9-billion worth of non-cash collection was recorded from the importations of National Food Authority (NFA) products, and the construction equipment and materials imported by the Department of Public Works and Highways (DPWH). (PNA)


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