SBMA expects higher tax collection this year

MANILA, Philippines - Combined collections by the Bureau of Customs (BOC) and the Bureau of Internal Revenue (BIR) in the Subic Bay Freeport went up in the last quarter, Subic Bay Metropolitan Authority (SBMA) administrator Armand Arreza said yesterday. This will “pull Subic through to a positive performance despite a shortfall in foreign direct investment (FDI),” Arreza said, adding that “we only need about P394.6 million more to reach the 2008 revenue level. That’s about a month’s worth of collections to make.”

According to Arreza BIR figures for October and November have yet to come in. Total revenues in 2008 was P5.27 billion.

With combined collections averaging P443.7 million a month in the last 11 months, “the December earnings alone should bring total earnings over and above the 2008 record,” Arreza noted. 

Combined BOC and BIR cash collections from January to November 2009 reached P4.88 billion, with the BOC contributing P3.85-billion and the BIR P1.03 billion. 

Aside from cash collections, the Subic Customs office also recorded some P2.78 billion in non-cash earnings, which are mostly composed of government to government transactions. 

However, the BOC fell short by about P71.36 in order to attain its 2009 target. The agency has set from its 11-month target of P3.92 billion.

Meanwhile, exports generated by businesses in the Subic Bay Freeport this year have reached $800.98 million as of September, a slight increase over the $755 million recorded in the same period last year. 

On the other hand, import transactions made in the Subic Bay Freeport from January to November 2009 reached a total of $2.01 billion, SBMA records show.

This figure represents a 6.14-percent decrease from the $2.14 billion record set in January-November 2008.