The Transportation Department said on Tuesday its three state-owned agencies have remitted P6 billon to the national government coffers in May.
The Manila International Airport Authority remitted P2.26 billion, Civil Aviation Authority of the Philippines sent P1.98 billion while and the Philippine Ports Authority paid P1.95 billion worth of dividends.
The three government-owned and controlled corporations are among the top five state-owned companies to remit the highest dividends to the National Treasury, making up the bulk of the total P14.02 billion turned over to the government for 2016.
The figure is around seven times higher than 2015 remitted dividends.
Transportation Secretary Arthur Tugade instructed CAAP to remit under his term, after not turning over P6.31 billion worth of dividends to the National Treasury from 2011 to 2015.
Other transportation agencies among the top GOCCs that remitted dividends are the Cebu Port Authority (P295 million) and the Mactan Cebu International Airport Authority (P170 million).
The Department of Finance, in a bid to enhance transparency and increase revenue, earlier revised the implementing rules and regulations of the Dividend Law.
Under the new rules, corporate income tax returns filed with the Bureau of Internal Revenue should be used for the dividend computation.
The transparency measure is line with Tugade’s anti-corruption efforts. He also directed revenue-generating agencies under the DOTr to improve collection in order to contribute to government funds.
“We are not just a policy-making agency. We are also generating revenue contributing to the National Treasury in order to help fund projects and programs of the administration,” Tugade said.
