GOCCs remit P31-B dividends

Published July 22, 2018, 12:00 AM

by manilabulletin_admin

By Chino S. Leyco

Dividends remitted by state-owned companies to government coffers jumped in the first seven months of the year, which already exceeded the Department of Finance’s (DOF) target for 2018.

Finance Secretary Carlos Dominguez III. (Bloomberg)
Finance Secretary Carlos Dominguez III. (Bloomberg)

Finance Secretary Carlos G. Dominguez III said that the Bureau of the Treasury received P31.3 billion in dividends from government owned and controlled corporations (GOCCs) from January to July 12 this year. Dominguez said latest dividends figure is higher by 64 percent compared with P19.1 billion in the same period last year, and already above the P30.45 billion collections registered last year.

For 2018, the government is targeting to raise P10 billion from its shares from GOCCs’ income.

“I think the secret here is we have a team who is serious in collecting this amount. I don’t know in the past how they did it. In fact we are increasing the number of agencies we are monitoring,” Dominguez told reporters.

As of July 12, about 51 of 77 GOCCs have already remitted to the Treasury.

The top 10 contributors were the Civil Aviation Authority of the Philippines with P6.2 billion, the Philippine Ports Authority with P3.1 billion, the Philippine Deposit Insurance Corp. with P2.8 billion, the Philippine Amusement and Gaming Corp. with P2.6 billion and the Philippine Charity Sweepstakes Office with P2.5 billion.

Rounding up the Top 10 were the Bangko Sentral ng Pilipinas with P2.5 billion, the Manila International Airport Authority with P2.2 billion, Food Terminal Inc. with P963.8 million, Development Bank of the Philippines with P959 million, and the Bases Conversion and Development Authority with P905.7 million.

“From January 1 to July 12 we collected more than what we collected the whole year of 2017,” Finance Secretary Carlos Dominguez III said. “There will be a turnover to the President of the checks sometime this month.”

Assistant Secretary Soledad Emilia Cruz said among the GOCCs that have substantially increased their dividend contributions were PAGCOR, whose remittance rose by P1.4 billion; PCSO, which was able to remit for the first time; and the PPA, which remitted up to 60 percent of its net profit.

The other GOCCs that also remitted dividends were the National Power Corp. with P867.1 million; Clark Development Corp. with P700 million; PNOC Exploration Corp. with P605.5 million; Philippine Economic Zone Authority with P600 million, and Home Guaranty Corp. with P412.49 million.

Alabang Sto. Tomas Development, Inc., APO Production Unit, Inc., Authority of the Freeport Area of Bataan, Batangas Land Co. Inc., BCDA Management Holdings Inc., Cebu Port Authority, DBP Leasing Corp., GY Real Estate Inc. and Kamayan Realty Corp. have also remitted.

Others were Laguna Lake Development Authority, LBP Insurance Brokerage Inc., LBP Leasing and Finance Corp., LBP Resources and Development Corp., Local Water Utilities Administration, and the Masaganang Sakahan Inc.

The dividend contributors also included the Metropolitan Waterworks & Sewerage System (MWSS), National Dairy Authority, National Development Co., National Electrification Administration, National Home Mortgage Finance Corp., National Housing Authority, and NDC – Philippine Infrastructure.