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SBMA earns P2.5B from taxes, fees in first half

By Ma. Elisa P. Osorio
Monday, July 21, 2008 [ philstar.com ]

Total collections of the Subic Bay Metropolitan Authority (SBMA) amounted to P2.5 billion during the first half of this year.

SBMA Administrator and CEO Armand C. Arreza said the January to June figure was slightly higher than last year’s income.

He said total cash receipts by the Bureau of Customs (BOC) amounted to P1.81 billion while the Bureau of Internal Revenue (BIR) received P753 million.

Arreza said he is confident that the revenue could increase further given the intensified marketing program undertaken by the SBMA. He said they expect more companies to invest and create jobs in the Subic Freeport.

”The growing number of business locators here would help boost the government’s revenue collection efforts as well,” Arreza said.

Data showed that the BOC performed better this year as it collected P133 million more than the P1.68 billion it collected during the same period last year.

Arreza noted that the BOC’s collections were largely from duties and taxes paid by the Federal Express and other Subic locators trading in oil, motor vehicles and general merchandise.

In addition to the cash collection, the Subic BOC office also posted a total of P2.3 billion in non-cash receipts, placing its combined cash and non-cash collections at P4.1 billion.

Most of the collections came in June when it received P368 million. It also recorded the biggest month-on-month percentage increase in June.

Meanwhile, the BIR reported that its January to June collection stood at P753 million, or four percent more than the P727 million it collected a year ago.

Arreza said it came from the income taxes of freeport employees, profit taxes of locators, value-added taxes (VAT), as well as percentage taxes.

The Subic BIR’s highest collection was recorded in April, at P210 million in taxes.

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