Subic revenues grow faster in first half

SUBIC BAY FREEPORT -- Tax revenue collection in this free port rose by almost a fifth in the first half, faster than the increase recorded in the same period last year, bolstering observations of reviving trade at what is believed to be the tail end of the global slump, data released yesterday by the Subic Bay Metropolitan Authority (SBMA) showed.

Specifically, this free port’s total tax revenues grew 19.41% to almost P3.5 billion in the first half, compared to the measly 1.4% rise recorded in the same period last year. SBMA, which targets to collect P6 billion in tax revenues this year, said it could slightly exceed that goal.

Collections on duties and taxes on goods imported into this free port which accounted for nearly three-fourths of total tax revenues grew 13.67% to P2.508 billion against a P2.13-billion target for that period.

Collections of the Bureau of Internal Revenue, which made up a little more than a fourth of total tax revenues, rose by a faster 37.35% to hit P970.24 million.

"We could be looking at a P6-billion-plus total at the end of the year," the statement quoted SBMA Administrator Armand C. Arreza as saying.

The sight of cargo ships docked in this free port for months up to late last year had been cited as visual proof of the slump in global trade. -- RMG bworldonline.com

Source: Subic Bay Metropolitan Authority