THE Subic Bay Metropolitan Authority (SBMA) remitted P1.47 billion worth of dividends to the National Government, the Department of Finance (DoF) said.
The remittance will help in “supporting and contributing effectively to nation-building initiatives, public services, and infrastructure development,” SBMA Chairman and Administrator Eduardo Jose Aliño said in a statement.
Under Republic Act No. 7656 or the Dividends law, government-owned or -controlled corporations (GOCCs) must declare and remit at least 50% of their annual net earnings as cash, stock or property dividends to the Treasury.
Last year, the DoF raised the mandatory dividend remittances of GOCCs to 75% of their net earnings from 50% previously.
The SBMA is tasked to develop and manage the Subic Bay Freeport Zone as a “self-sustaining industrial, commercial, financial, and investment center, generating employment opportunities and attracting investments.”
“The dividend remittance is in line with President Ferdinand R. Marcos, Jr.’s directive to uphold fiscal discipline among GOCCs, ensuring that the government maximizes non-tax revenues to fund priority programs,” the DoF added. — Luisa Maria Jacinta C. Jocson