SBMA remits P1.47B to national government

The Subic Bay Metropolitan Authority (SBMA) turned over P1.47 billion in dividends to the national government on July 14, a move hailed by the Department of Finance (DOF) as a major boost to public funding without burdening taxpayers.

Finance Secretary Ralph Recto described the remittance as a product of “shared success,” highlighting its alignment with President Ferdinand R. Marcos Jr.’s call for fiscal discipline and maximized non-tax revenues from government-owned and -controlled corporations (GOCCs).

“What makes dividends special—and why I always say they are my favorite kind of revenue—is simple: they help us raise funds for government programs without raising taxes on our people,” Recto said during the ceremonial turnover.

He added that the remittance reflects a government working harder and smarter, saying, “We are earning this money by demanding more from ourselves—more efficiency, more integrity, more excellence in public service.”

Under the Dividends Law, GOCCs are required to remit at least 50% of their net earnings from the previous year. But to bolster funding without increasing taxes, the DOF has encouraged GOCCs to remit up to 75%.

SBMA Chairperson and Administrator Eduardo Jose Aliño reaffirmed the agency’s commitment to national development, saying, “Our collective goal remains steadfast—to build a resilient economy that benefits all Filipinos and supports the growth of industries, communities, and future generations.”

As the agency managing the Subic Bay Freeport Zone, SBMA plays a key role in driving investments, creating jobs, and fostering inclusive economic growth.