DOF says state-run firms remit P160 billion in dividends to Treasury

ABS-CBN News

Posted at Dec 30 2020 07:24 PM

DOF says state-run firms remit P160 billion in dividends to Treasury 1

MANILA - State-run firms remitted P160.6 billion in dividends to the Bureau of the Treasury (BTr) this year to add to the country's war chest against COVID-19, the Department of Finance (DOF) said Wednesday.

The DOF said the fresh funds will "help fund the government’s continuing efforts to curb the spread of COVID-19 and provide economic relief to pandemic-hit businesses and individuals."

Sixty-three government-owned or controlled corporations (GOCCs) contributed to the total this year, which has more than doubled from the P69.2 billion collections in 2019.

The Bangko Sentral ng Pilipinas (BSP) is the top contributor, remitting P40.53 billion, followed by the Philippine Deposit Insurance Corp. (PDIC) with P17.98 billion, and the Philippine Amusement and Gaming Corp. (PAGCOR) with P17 billion.

State-owned corporations are required to declare and remit at least half of their income as dividends to the national government under law, the DOF said.

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