State-run firms remit P32-B to gov't


Posted at Jun 09 2014 03:16 PM | Updated as of Jun 09 2014 11:16 PM

MANILA, Philippines – State-run corporations turned over on Monday P32.31 billion worth of dividends and other remittances for the past year to government.

Land Bank of the Philippines had the highest dividends remitted with P6.3 billion while Philippine Amusement and Gaming Corporation (PAGCOR) had the highest total remittances at P 9.8 billion.

Seven government-owned or -controlled corporations (GOCCs) were also named into the so-called “Billionaires’ Club” for declaring P1 billion or more in dividends.

This year’s Billionaires’ Club include: Development Bank of the Philippines (DBP) with P 3.616 billion; Power Sector Assets & Liabilities Management Corporation (PSALM) with P 2.5 billion; Bases Conversion Development Authority (BCDA) with P 2.107 billion; Manila International Airport Authority (MIAA) with P 1.577 billion; Philippine National Oil Company-Exploration Corporation (PNOC-EC) with P 1.5 billion; Philippine Ports Authority (PPA) with P 1.422 billion; and Philippine Deposit Insurance Corporation (PDIC) with P 1.05 billion.

The Governance Commission for GOCCs (GCG) said the number of government firms that remit earnings or dividends to the national coffers continue to increase.

The number of GOCCs that have declared dividends increased from 38 in 2012 to 50 in 2013.

Chairpersons and chief executive officers of various GOCCs personally handed remittance checks to President Benigno Aquino in a ceremony in Malacañang.

GOCCs are required to declare and remit at least half of their income as dividends to the national government under Republic Act 7656.