MANILA -- Dividends remitted by government owned and controlled corporations or GOCCs reached a record P61.3 billion as of July, helping ensure funding for President Rodrigo Duterte's infrastructure program, the head of his economic team said Friday.
The collections from 53 GOCCs including the Land Bank of the Philippines and the Development Bank of the Philippines will also help hold down the deficit and fund social programs, Finance Secretary Carlos Dominguez said.
Dominguez credited the efforts of his departments Corporate Affairs Group for the record dividend remittances.
"The dividends collected by the national government help offset the subsidies given out to state enterprises performing crucial social functions," he said.
"They will go a long way in helping us hold down deficits and continue funding the infrastructure and social programs of President Duterte," he said.
The 2019 dividend collections will also help fund pensions for uniformed personnel and the Rice Competitiveness Enhancement Fund for farmers.