The Subic Bay Metropolitan Authority (SBMA) remitted PHP1.47 billion in dividends, the Department of Finance (DOF) said Tuesday.

In a statement, Finance Secretary Ralph Recto said the amount remitted on July 14 would help fund public programs without raising taxes.

It is in line with President Ferdinand R. Marcos Jr.’s directive to uphold fiscal discipline among government-owned or -controlled corporations (GOCCs), ensuring that the government maximizes non-tax revenues to fund priority programs.

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

“So they represent not sacrifice, but shared success. For we are earning this money by demanding more from ourselves—more efficiency, more integrity, more excellence in public service.”

Under the Dividend Law, GOCCs are required to remit at least 50 percent of their net earnings during the preceding year as dividends to the national government.

To maximize non-tax revenue, the DOF has requested GOCCs to increase this share to 75 percent.

The SBMA is mandated to develop and manage the Subic Bay Freeport Zone (SBFZ) as a self-sustaining industrial, commercial, financial, and investment center, generating employment opportunities and attracting investments.

“The SBMA reaffirms its dedication to supporting and contributing effectively to nation-building initiatives, public services, and infrastructure development,” said SBMA Chairperson and Administrator Eduardo Jose Aliño said.

“Our collective goal remains steadfast, to build a resilient economy that benefits all Filipinos and supports the growth of industries, communities, and future generations.” (PNA)