GOCCs remit dividends worth over P160B to govt

The government has received more than P160 billion in dividends from state-owned firms as of mid-December, the Department of Finance (DoF) reported on Wednesday.

In a statement, the Finance department said 62 government-owned and -controlled corporations (GOCCs) remitted P160.62 billion to the Bureau of the Treasury (BTr) as of December 15.

The dividends, it added, aim “to help fund the government’s continuing efforts to curb the spread of Covid-19 (coronavirus disease 2019) and provide economic relief to pandemic-hit businesses and individuals.”

Of the amount, P133.50 billion are cash dividends from 55 GOCCs, as ordered by Republic Act (RA) 7656, or “the Dividends Law.” The law requires these firms to remit at least 50 percent of their net earnings to the national government (NG).

Unutilized subsidies, payment of guarantee fees and NG advances, and other forms of remittances account for the remaining P27.12 billion.

The dividends are “almost double the actual full-year collections for 2019,” which amounted to P69.2 billion, the DoF said.

The Bangko Sentral ng Pilipinas was the top dividend contributor with P40.53 billion. The Philippine Deposit Insurance Corp. and Philippine Amusement and Gaming Corp. followed with P17.98 billion and P17 billion, respectively.

Other billion-peso contributors are the Tourism Infrastructure and Enterprise Zone Authority with P12 billion; Civil Aviation Authority of the Philippines and Manila International Airport Authority, P6 billion each; Philippine Ports Authority, P5.05 billion; Philippine National Oil Co., P5 billion; Philippine Reclamation Authority, P4.4 billion; National Power Corp., P4 billion; Philippine Charity Sweepstakes Office, P2.27 billion; PNOC Exploration Corp., P2 billion; Philippine Economic Zone Authority, P2 billion; Bases Conversion and Development Authority, P1.17 billion; and Clark Development Corp., P1.13 billion.

Those that remitted less than P1 billion are the Philippine Sugar Corp. with P875 million; National Development Co., P720 million; Sugar Regulatory Administration, P659.55 million; Philippine Crop Insurance Corp., P630.19 million; Subic Bay Metropolitan Authority, P544.65 million; Cebu Port Authority, P500 million; Mactan Cebu International Airport Authority, P500 million; National Home Mortgage Finance Corp. P359.96 million; Metropolitan Waterworks and Sewerage System, P358.50 million; Philippine International Trading Corp., P324.11 million; Philippine Retirement Authority, P216.37 million; Phividec Industrial Authority, P160 million; Clark International Airport Corp., P140.01 million; APO Production Unit Inc., P111.70 million; Social Housing Finance Corp., P109.63 million; National Electrification Administration, P85.72 million; Philippine Postal Corp., P80.35 million; Food Terminal Inc., P71.46 million; Philippine International Convention Center, P69.95 million; Philippine Fisheries Development Authority, P62.90 million; LBP Insurance Brokerage Inc., P62.77 million; and Authority of Freeport Area of Bataan, P53.93 million.
Other agencies that also contributed are the Laguna Lake Development Authority, LBP Resources and Development Corp.; LBP Leasing and Finance Corp., Human Settlements Development Corp., Small Business Corp., Local Water Utilities Administration, DBP Leasing Corp., Cagayan Economic Zone Authority, National Housing Authority, Nayong Pilipino Foundation Inc., Batangas Land Co. Inc., Philippine Mining Development Corp., Kamayan Realty Corp., Aurora Pacific Economic Zone and Freeport Authority, DBP Data Center Inc., Alabang Sto. Tomas Development Inc., NDC Philippine Infrastructure Corp., and the Pinagkaisa Realty Corp.

Source: ManilaTimes

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