The Department of Finance (DOF) said Tuesday it expects dividend remittances from state-owned corporations to reach about P117 billion by the end of the year.
The DOF asked government-owned or -controlled corporations (GOCCs) to remit 75 percent of their net earnings, up from the 50 percent required under Republic Act No. 7656, or the Dividend Law.
Finance Secretary Ralph Recto said in a statement the government continues to improve public services without imposing new taxes, thanks to the cooperation of the GOCCs.
The top dividend contributors are Land Bank of the Philippines with P33.5 billion; Bangko Sentral ng Pilipinas, P18.9 billion; Philippine Amusement and Gaming Corp., P12.7 billion; Philippine Deposit Insurance Corp., P10.1 billion; and Power Sector Assets and Liabilities Management Corp., P9 billion.
Other top contributors are Bases Conversion and Development Authority with P5.3 billion; Philippine Ports Authority, P5.2 billion; Manila International Airport Authority, P3.3 billion; Clark Development Corp., P2.5 billion; and Philippine National Oil Company, P2.4 billion.
The DOF said its Corporate Sector and Strategic Infrastructure Group continues to monitor the financial performance of GOCCs to ensure proper dividends are remitted.
Recto said the DOF would ensure the funds are spent with “utmost transparency and accountability,” citing a speech by President Ferdinand Marcos Jr. who said public trust is the government’s “most valuable currency.”
Marcos directed the GOCCs to uphold integrity and “never ever turn a blind eye to corruption.”
Recto also encouraged more GOCCs to participate in the DOF’s recently launched “GOCC Service Caravan,” which aims to bring government services to different parts of the country.
