SBMA remits PHP1.47B in dividends, supports fiscal discipline

The Subic Bay Metropolitan Authority (SBMA) remitted PHP1.47 billion in dividends to the National Government on July 14.

Finance Secretary Ralph Recto stated that this amount will support public programs without necessitating tax increases, aligning with President Ferdinand R. Marcos Jr.'s directive for fiscal discipline among government-owned or -controlled corporations (GOCCs).

SBMA Chairperson Eduardo Jose Aliño emphasized the remittance's role in supporting nation-building initiatives and infrastructure development.

Under Republic Act No. 7656, GOCCs are required to declare and remit at least 50 percent of their annual net earnings as dividends, with a recent directive from the Department of Finance (DOF) to increase this share to 75 percent.

The SBMA's mandate includes developing and managing the Subic Bay Freeport Zone (SBFZ), which aims to attract investments and generate employment opportunities.

Chairperson Aliño reaffirmed the organization’s commitment to nation-building initiatives, public services, and infrastructure development in line with the government's fiscal discipline goals.

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