SUBIC BAY FREEPORT — The Subic Bay Metropolitan Authority (SBMA) said a total of ₱204.7 million in net revenue shares for the first half of 2024 has been set for release to neighboring local government units.

SBMA Chairman and Administrator Eduardo Jose L. Aliño said shares for the eight municipalities contiguous to Subic came from the five percent corporate taxes paid by Subic Bay Freeport-registered enterprises from January to June 2024.

“We are hoping that these revenue shares will augment (LGU) funds for development projects in health, education, peace and order, and livelihood generation,” Aliño said.

The SBMA official also pointed out that these revenue shares are slightly higher than last year’s ₱203 million for the same period.

For shares generated during the first half of 2024, Olongapo City will receive a net share of ₱47.8 million; Subic, Zambales will get ₱30.7 million; San Marcelino, ₱24.5 million; and San Antonio, ₱17.4 million

In Bataan, Dinalupihan will receive ₱25.5 million; Hermosa, ₱21.9 million; and Morong, ₱18.1 million.  

Revenue shares are determined according to the following parameters: population, 50%; land area, 25%; and equal sharing, 25%. This makes Olongapo City the top recipient of revenue shares due to its population.

Meanwhile, net shares are computed by adding the current base share to the 10% retention amount from two years prior, but less 10% retention amount from the current period.

According to the 2020 census, Olongapo’s population was 206,317, the biggest among the communities near the SBF. It is also the highest in terms of density with 1,407.12 resident per square kilometer in a land area totaling 185 sq. kms.

The direct release of revenue shares to LGUs started in August 2010 for shares for the first semester, and then in February the following year, for the second semester. 