Olongapo SubicBay BatangGapo Newscenter

Wednesday, October 25, 2006

Freeport collections up 23% to P3.27b in first 3 quarters

SUBIC BAY FREEPORT—This premier Freeport zone has remained one of the country’s top revenue-earning economic zones in the country as collections in the first nine months of the year rose to P3.27 billion, up 23 percent from P2.65 billion year-on-year.

Subic Bay Metropolitan Authority chairman Feliciano Salonga said the Freeport zone had consistently delivered its revenue share to the national treasury through the collection efforts of the Bureau of Customs and the Bureau of Internal Revenue.

Revenue district officer Ed Tolentino reported collections of P836 million from the 5 percent corporate tax on registered Freeport enterprises, withholding taxes of 60,000 workers and other tax receipts.

Nine-month revenue collections were 20 percent higher than the tax take of P692 million on year.

Tolentino also reported that the Department of Budget and Management had released P54 million to several municipalities surrounding Subic Freeport and Clark Special Economic Zone as part of its share to the 5 percent gross income taxes remitted by investors inside the two economic zones last year.

Bureau of Customs collector Andy Salvacion reported cash collections of P2.43 billion in the nine-month period from payments of tariffs and duties.

Salvacion said the figure was about 24 percent more than P1.96-billion revenues registered during the period last year.

Port of Subic deputy collector Priscilla Cordova, meanwhile, reported that the agency posted a 70 percent increase in combined actual cash and non-cash collections to P4.64 billion against the target of P2.73-billion goal. By Cecille Garcia - Manila Standard Today


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