BOC-Subic reports P2-B collection in January-October

SUBIC BAY FREEPORT – This premier Freeport economic zone has generated through its import trading over P2 billion in customs revenues from January to October this year, Bureau of Customs (BOC) Port of Subic district collector Andres D. Salvacion, Jr. said yesterday. This, he said, is P134 million more than the amount collected in the same period last year.

"We are optimistic that we will exceed the P2.28 billion total revenues last year," Salvacion told The STAR in an interview .

Salvacion pointed out that the slump in the controversial second-hand vehicle importation, was more than offset by higher volumes of importation by trading businesses located inside the freeport.

He said petroleum products of Thailand’s PTT Oil company has remained the highest contributor in the revenue generation campaign of the government.

"More revenues for the government will be expected after the completion of the seaport modernization project to boost shipping industry here," Subic Bay Metropolitan Authority (SBMA) chief administrator Armand Arreza told The STAR.

"The biggest asset of Subic Freeport is its harbor facilities which the SBMA is now upgrading to accommodate even Panamax vessels for importation and transshipment business in the Asia-Pacific region," Arreza added.

Earlier, Internal revenue district officer Ed Tolentino reported that the agency collected P780 million in taxes from Subic Freeport investors and income taxes from over 60,000 Freeport workers from January to October this year.

Records show that as of this month, a total of almost P3 billion in combined revenues of the BOC and Bureau of Internal Revenue (BIR) has been remitted to the National Treasury.

"Subic Freeport is living up to its reputation as one of top revenue earners among economic zones in the country," Tolentino added.