- Category: Top News
03 Jun 2013
- Written by Paul Anthony A. Isla / Reporter
THIRTY-EIGHT government-owned and -controlled corporations (GOCCs) have remitted close to P28 billion representing the government's share in their earnings.
Finance Secretary Cesar V. Purisima, reporting on the remittances on Monday, said the dividend earnings would go directly to the Treasury, where they will help finance the delivery of government services such as health care and security to millions of Filipinos.
Purisima said eight of the GOCCs belong to an elite class of contributors that remitted P1 billion or more to the national coffers.
These included the Philippine Ports Authority with P1.034 billion; Manila International Airport Authority, with P1.547 billion; the Philippine Amusement and Gaming Corp., which remitted a total of P1.4 billion; the Power Sector Assets and Liabilities Management Corp., with P1 billion; the Bases Conversion and Development Authority (BCDA), with P2.309 billion; the Development Bank of the Philippines (DBP), with P3.166 billion; and Land Bank of the Philippines (LBP) which remitted the biggest amount this year, P6.241 billion.
Under Republic Act (RA) 7656, the GOCCs must remit a portion of their earnings to the national government in the form of dividends made out to the Treasury.
The tradition of GOCC Dividends Day started in 2011 under the Department of Finance to give due recognition to the GOCCs for the dividends they remit to the government in compliance with the law.
The finance department said about P29 billion was remitted in 2012. Upon the enactment of RA 10149, or the GOCC Governance Act of 2011, the event was continued by the Governance Commission for GOCCs (GCG) in February 2012, with the GOCCs remitting a total of P19.2 billion.
Though this week marks only the second year of the passage into law of the GOCC Governance Act, the government’s corporate sector has already taken great strides since its enactment through the GCG.
The GOCC Dividends Day not only recognizes the accomplishments of the GOCCs, but also the determination of the Aquino administration to pursue the much-needed reform of the government corporate sector, to ensure that the GOCCs are financially viable and to symbolize that the government is its biggest shareholder, Purisima said.
In Photo: President Aquino is surrounded by officials of government-owned and -controlled corporations (GOCCs) on the occasion of this year’s “GOCC Dividends Day” at Malacañang. Thirty-eight GOCCs remitted close to P28 billion to the National Treasury, surpassing the dividends made last year. Eight GOCCs belonging to the so-called Billionaire’s Club remitted at least P1 billion each to the government. GOCC Dividends Day was established two years ago to recognize the government firms for their contributions to the Treasury. (Malacañang photo)