AFAB remits record P80-M dividend to nat'l government for 2024

Freeport Area of Bataan – The Authority of the Freeport Area of Bataan (AFAB) has remitted P80 million worth of dividends to the national government revenue stream for 2024.

According to AFAB Administrator and CEO Mohammad Hussein P. Pangandaman, this is the highest dividend the Authority has remitted since its inception in 2010.

He said that the record remittance of P80 million underscores AFAB's commitment to national fiscal responsibilities and it's contribution to national development.

AFAB has remitted a total of P490,421,747.83 to the national government since 2010, showing steady financial growth and consistent annual dividend remittances.

He added that the summary of three percent of the gross income earned (GIE) remitted by AFAB's fee-related earnings (FRE) to the national government, the Provincial Government of Bataan, and the local government of Mariveles is now at P76,946,154.72.

"This significant achievement underscores the Freeport's continuing success in attracting investments and driving economic growth."

AFAB has since remitted a total of P652,236,064.19 from 2010 to 2024, showing a steady rise in remittances over the years and highlighting the positive impact of AFAB's efficient management and the growing contribution of the Freeport Area of Bataan to the national and local economies.

"In terms of taxes, the AFAB's contributions significantly increased by 57.31 percent from P215.88M in 2022 (during the previous administration) to P339.61M in 2024. This covers Income Taxes Paid, Value-Added Tax (VAT) Paid, Withholding on Compensation, Expanded Withholding Tax, VAT and Other Percentage Taxes Withheld, and Three Percent Tax on GIE by Registered Enterprise to National Government."

From 2010 up to 2024, the agency has remitted P2.3 billion to the national government in taxes/ dividends paid, showing that the Freeport Area of Bataan continues to develop under the current administration's leadership.