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GOCC dividends surge to nearly P89 billion

DIVIDENDS remitted by government-owned or -controlled corporations (GOCCs) to the National Government (NG) surged to P88.56 billion, with the Land Bank of the Philippines (LANDBANK) as the top contributor, the Department of Finance (DoF) said.

The dividend total is as of May 6, well above the year-earlier P8 billion.

Finance Secretary Ralph G. Recto said this increase follows an order for GOCCs to increase their dividend payout to 75% of their earnings, against the 50% minimum required by Republic Act No. 7656.

Mr. Recto said the DoF expects remittances to hit P100 billion this year.

“These dividends form a major source of non-tax revenue for the government, making possible our goal of raising more funds without the need to impose additional taxes on our people,” he added.

The DoF reported that LANDBANK remitted P32.119 billion, followed by the Philippine Deposit Insurance Corp., which remitted P10.676 billion.

The Bangko Sentral ng Pilipinas accounted for P9.2 billion.

Other top dividend-generating GOCCs were the Philippine Ports Authority (P5.058 billion), the Philippine Amusement and Gaming Corp. (P4.596 billion), the Manila International Airport Authority (P3.459 billion), the Subic Bay Metropolitan Authority (P3.071 billion), the Philippine Charity Sweepstakes Office (P2.685 billion), the Philippine National Oil Co. (P2.645 billion), and the National Transmission Corp. (P2.169 billion).

GOCCs that remitted at least P1 billion included the PNOC Exploration Corp. (P1.998 billion), the Clark Development Corp. (P1.8 billion), the Philippine Economic Zone Authority (P1.364 billion), the Philippine Guarantee Corp. (P1.41 billion), the Bases and Conversion Development Authority (P1.102 billion), the Philippine Reclamation Authority and the Metropolitan Waterworks and Sewerage System (P1 billion each). — Luisa Maria Jacinta C. Jocson