BSP regularly remits 75% of income to gov't

ABS-CBN News

Posted at Aug 20 2010 10:57 AM | Updated as of Aug 20 2010 06:57 PM

MANILA, Philippines - The Bangko Sentral ng Pilipinas on Friday clarified that it has been remitting 75% of its annual net income to the national government, in accordance with Republic Act No. 7653 or the New Central Bank Act.

In fact, since its creation in 1993 the BSP has remitted to the government more than P59 billion in dividends,  over P17 billion in interest rebates, and more than P50 billion in taxes in the last 11 years.

The BSP also announced that it will remit more than P4 billion in additional cash dividends in the next few months, subject to the completion by the Commission on Audit of its review of the BSP’s 2009 financial statements. Preliminary estimates indicate that the BSP generated a net income of roughly P13 billion in 2009.

The BSP disclosed that the Commission on Audit in March this year advised that for calendar years 2003 to 2006, the BSP has to pay P16 billion in additional dividends to the national government. Last May, the BSP filed an appeal to the COA. The issue therefore remains pending and the BSP remittance for this amount cannot be effected    

The BSP also said that while other GOCCs are required to remit 50% of their income,  the BSP  remits 75% of its yearly income in compliance with  its charter.