SBMA remits P3.3B to gov't

By Allan Macatuno - Inquirer

SUBIC BAY FREEPORT--The Subic Bay Metropolitan Authority (SBMA) has remitted P3.3 billion to the national treasury as of September, a 23-percent increase from the P2.7-billion remitted last year.

"This year has been a bountiful one for the Subic Bay Freeport. In just nine months, we have already generated duties and tax revenues worth P3.3 billion for the national treasury," said SBMA Chair Feliciano Salonga.

The cash collections came from the combined revenues of the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BoC) here.

The revenue collection report of Edgar Tolentino, revenue district officer, showed that the BIR collected P837 million during the nine-month period, 21 percent more than the P692 million collected from January to September last year.

He said registered enterprises in the freeport during the same period had reached 719 as of September.

The BoC also reported a 24-percent increase in cash collection from January to September to P2.4 billion from P2 billion last year.

Priscilla Cordova, deputy collector for assessment of the BoC, said the revenue derived from payments of tariffs and duties in cash and noncash collection transactions of the Port of Subic reached P4.6 billion.

SBMA Administrator Armand Arreza said 89 new projects were approved in the freeport.

These projects have committed investments worth P70.4 billion, which when fully operational, will contribute more than $1.6 billion from export and taxes, including the operations of shipbuilder Hanjin, he said.