SBMA gets new projects

THE SUBIC Bay Metropolitan Authority expects to surpass the P5.3 billion in revenues collected last year with the entry of 141 new investment projects as of September.

According to SBMA administrator and chief executive Armand Arreza, collections as of end-September had already reached P4.08 billion.

"By all indications, Subic is defying the odds. While there is some slowdown in the global economy, we continue to make consistent growth in revenue, import, export, as well as investment and employment," he said. "The continued growth of these indicators brings about the rise in the taxes and duties collected in Subic."

In the same period last year, total collections within the Subic Bay Freeport only reached P3.83 billion, 6.41 percent lower than the January-September 2008 collections.

Data from SBMA showed that the Bureau of Customs registered a total cash collection of P2.97 billion in the first three quarters, up 5.82 percent from the P2.81 billion collected in the same period last year.

Meanwhile, the Bureau of Internal Revenue registered P1.11 billion in tax collections from January-September, 8.02 percent higher than the P1.02 billion posted in the same period last year.

By.Abigail L. Ho - Inquirer