SBMA makes P2.5-B revenues

Subic Bay Metropolitan Authority (SBMA) has generated over P2.5 billion in total revenues in the first six months of the year, reflecting a slight increase from the P2.457 billion generated in the same period last year.

SBMA Administrator and CEO Armand Arreza said total revenues, measured in terms of taxes and duties collected by the Bureau of Customs (BoC) and the Bureau of Internal Revenue (BIR) offices. Arreza said that BoC collections reached P1.81 billion while the BIR totaled P753 million in duties and taxes paid in the January – June period this year.

He added that both agencies surpassed their collection figures by one percent compared to their collection performances in January – June 2007. According to the periodical report from the BoC, the bureau’s collection performance during the first six months this year grew by P133 million over its P1.68-billion record in the same period last year.

BoC’s collections were largely derived from duties and taxes paid by the Federal Express and other Subic locators trading in oil, motor vehicles and general merchandise. The BoC office here also reported that aside from its cash collection, the agency also posted a total of P2.3 billion in non-cash receipts, placing its combined cash and non-cash collections at a total of p4.1 billion.