GOCCs’ remittances to Treasury grow 10% to P30.45 B

Published January 15, 2018, 12:00 AM

by manilabulletin_admin

By Chino S. Leyco

Remittance of government-owned and -controlled corporations (GOCCs) to the Bureau of the Treasury jumped by double-digits last year owing to aggressive efforts of the Department of Finance (DOF) to collect more shares from state-owned firms’ revenues.

In a statement, Finance Secretary Carlos G. Dominguez III said yesterday that dividends remitted by GOCCs to the Treasury reached P30.45 billion last year, up by 10 percent compared with P27.73 billion in the previous year.

Dominguez particularly noted that collections in 2017 exceeded the previous year’s remittance despite Land Bank of the Philippines’ exemption from paying the dividends.

The DOF allowed Land Bank not to remit R6 billion in dividends last year to help the lender meet the Bangko Sentral ng Pilipinas’ new capital requirement. Had these dividends not been exempted, the total dividend would have reached P36.45 billion.

Dominguez commended the efforts of the DOF’s Corporate Affairs Group (CAG), led by Undersecretary Antonette Tionko, to aggressively promote financial discipline among GOCCs.

“For CAG, we are pleased to report that our dividend collections has hit P30.4 billion, up from last year’s P27.6 billion. And that is excluding the Landbank dividends of P6 billion,” Tionko informed Dominguez at a recent DOF Executive Committee meeting.

According to Tionko, dividend collections totaling P30.45 billion last year came from 53 GOCCs, including the Civil Aviation Authority of the Philippines (CAAP), which had not remitted dividends for the past four years, but has now emerged as one of the biggest dividend contributors.

CAAP, which remitted a total of P5.39 billion to the Treasury, was able to collect nearly P6 billion from Philippine Airlines in October last year.

Aside from CAAP, other biggest dividend contributors were the Philippine Deposit Insurance Corp. with P7.46 billion, Development Bank of the Philippines with P2.51 billion, Manila International Airport Authority with P2.22 billion and Philippine Ports Authority with P1.95 billion.

The Bangko Sentral ng Pilipinas also remitted P1.84 billion to the Treasury along with the National Power Corp. with P1.39 billion, Philippine Amusement and Gaming Corp. with P1.18 billion; and Subic Bay Metropolitan Authority with P923.60 million.

Others were Philippine Economic Zone Authority (P622.91 million), PNOC Exploration Corp. (P519.42 million), Clark Development Corp. (P500 million), National Development Co. (P428.19 million), and Philippine Reclamation Authority (P323.76 million).

Also included were Local Water Utilities Administration (P319.08 million), Cebu Port Authority (P294.69 million), Cagayan Economic Zone Authority (P240.59 million), Metropolitan Waterworks & Sewerage System (P232.63 million) and Philippine Leisure and Retirement Authority (P210.44 million).

The other GOCCs which remitted less than P200 million but more than P100 million in 2017 were the Mactan Cebu International Airport Authority, National Housing Authority, Philippine National Oil Co., Bases Conversion and Development Authority, Home Guaranty Corp., and Sugar Regulatory Administration.

Those which remitted less than P100 million but more than P50 million were the PHIVIDEC Industrial Authority, Food Terminal, Inc., Social Housing Finance Corp., Clark International Airport Corp., National Electrification Administration, and the Philippine Fisheries Development Authority.