GOCCs remit P32.31B to National Treasury

From the Governance Commission for Government Owned or Controlled Corporations

The number of Government-Owned or -Controlled Corporations (GOCCs) that remit earnings, or dividends, to the national coffers continue to increase according to the Governance Commission for GOCCs (GCG).

In simple rites held this morning, chairpersons and chief executive officers of various GOCCs personally handed remittance checks to President Benigno S. Aquino III in a ceremony marking GOCC Day at the Rizal Hall, Malacañan Palace.

GCG, the central advisory body that monitors and oversees the GOCC Sector, said that the number of GOCCs that have declared dividends increased from 38 in 2012 to 50 in 2013.

The GOCC sector remitted a total of P32.31 billion worth of dividends and other remittances for the past year. Land Bank of the Philippines (LBP) had the highest dividends remitted with P6.298 billion. Philippine Amusement and Gaming Corporation (PAGCOR), on the other hand, had the highest total remittances at P9.791 billion. 7 GOCCs are also included in the elite class of contributors, or the so called “Billionaires’ Club,” that have declared P1 billion or more in dividends.

[Click here for the breakdown of remittances (PDF)]

This year’s Billionaires’ Club include: Development Bank of the Philippines (DBP) with P3.616 billion; Power Sector Assets & Liabilities Management Corporation (PSALM) with P2.5 billion; Bases Conversion Development Authority (BCDA) with P2.107 billion; Manila International Airport Authority (MIAA) with P1.577 billion; Philippine National Oil Company-Exploration Corporation (PNOC-EC) with P1.5 billion; Philippine Ports Authority (PPA) with P1.422 billion; and Philippine Deposit Insurance Corporation (PDIC) with P1.05 billion.

GOCCs are required to declare and remit at least half of their income as dividends to the National Government under R.A. No. 7656. The Department of Finance (DOF) started the celebration of the GOCC Day in 2011. Since 2012, GCG has continued the tradition of the annual ceremonial turnover over of GOCCs’ dividends and recognition of other GOCCs that made significant contributions to national development.