Subic Freeport posts P2.2B revenue collections in six
The Subic Bay Metropolitan Administration has reported that the Freeport revenue collections were posted at P2.2 billion in the first semester of 2006.
SBMA Administrator and Chief Executive Officer Armand C. Arreza said that the combined collections of the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BoC) from January to June is 23 percent higher compared to last year's take on the same period which was pegged at P1.8 billion.
Based on the periodical report, the BIR has collected P560 million from January to June this year which was derived from withholding taxes, income taxes, and other receipts. The current figure is 20 percent higher than the collections in 2005 which was recorded at P464 million during the same period.
The BoC, on the other hand, has posted P1.6 billion for the first semester derived from payments of tariffs and duties, which is 24 percent higher than P1.3 billion pegged during the same period last year.
Arreza added that Subic, through the BIR and BoC offices here, has again made its share to economic development by contributing P2.2 billion to the national treasury.
He attributed the increase in revenue collections to the new companies which started their operations in Subic and opened employment to thousands of workers from nearby communities in the region.
Meanwhile, SBMA Chairman Feliciano G. Salonga revealed that more projects were approved from which more revenues will be generated. In the month of June alone, the SBMA Board of Directors has approved a total of 21 projects that would infuse US$ 324 million.
One of these is the multi-million dollar Chinese investment project, the US$ 300 million Hebei Jingniu industrial glass production plant, and Innove Communications, Inc., a subsidiary of Globe Telecom with uS$ 6.3 million committed investment.
Salonga said that also this year, another Grain Production and Processing Base will open an estimated 5,000 new job opportunities.
"When these projects are fully operational, this would make the Subic Freeport maintain its reputation as among the country's top revenue earners and job providers in the region, a realization of the President's vision of the Subic Freeport in her 10-point economic agenda," he added.
Meanwhile, Arreza lauded Task Force Subic (TFS), the anti-smuggling unit of SBMA under retired Gen. Jose Calimlim , the concurrent SBMA Deputy Administrator for Operations.
"Task Force Subic has successfully paralyzed and swept smugglers operating in Subic. These smugglers, which once used the Freeport as their jump-off base, has cheated the government of billions of pesos by not paying due taxes on imported motor vehicles and expensive merchandise they bring into the country," he said.
Arreza said that since the formation of Task Force Subic and the elimination of smuggling operations here, the public is assured that imported goods that are being brought to the country through the Subic Freeport are properly documented and taxed. (PNA)
SBMA Administrator and Chief Executive Officer Armand C. Arreza said that the combined collections of the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BoC) from January to June is 23 percent higher compared to last year's take on the same period which was pegged at P1.8 billion.
Based on the periodical report, the BIR has collected P560 million from January to June this year which was derived from withholding taxes, income taxes, and other receipts. The current figure is 20 percent higher than the collections in 2005 which was recorded at P464 million during the same period.
The BoC, on the other hand, has posted P1.6 billion for the first semester derived from payments of tariffs and duties, which is 24 percent higher than P1.3 billion pegged during the same period last year.
Arreza added that Subic, through the BIR and BoC offices here, has again made its share to economic development by contributing P2.2 billion to the national treasury.
He attributed the increase in revenue collections to the new companies which started their operations in Subic and opened employment to thousands of workers from nearby communities in the region.
Meanwhile, SBMA Chairman Feliciano G. Salonga revealed that more projects were approved from which more revenues will be generated. In the month of June alone, the SBMA Board of Directors has approved a total of 21 projects that would infuse US$ 324 million.
One of these is the multi-million dollar Chinese investment project, the US$ 300 million Hebei Jingniu industrial glass production plant, and Innove Communications, Inc., a subsidiary of Globe Telecom with uS$ 6.3 million committed investment.
Salonga said that also this year, another Grain Production and Processing Base will open an estimated 5,000 new job opportunities.
"When these projects are fully operational, this would make the Subic Freeport maintain its reputation as among the country's top revenue earners and job providers in the region, a realization of the President's vision of the Subic Freeport in her 10-point economic agenda," he added.
Meanwhile, Arreza lauded Task Force Subic (TFS), the anti-smuggling unit of SBMA under retired Gen. Jose Calimlim , the concurrent SBMA Deputy Administrator for Operations.
"Task Force Subic has successfully paralyzed and swept smugglers operating in Subic. These smugglers, which once used the Freeport as their jump-off base, has cheated the government of billions of pesos by not paying due taxes on imported motor vehicles and expensive merchandise they bring into the country," he said.
Arreza said that since the formation of Task Force Subic and the elimination of smuggling operations here, the public is assured that imported goods that are being brought to the country through the Subic Freeport are properly documented and taxed. (PNA)
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