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Manila Bulletin devider Business devider Dividends from GOCCs nearly doubled in 2020

Dividends from GOCCs nearly doubled in 2020

Published Dec 31, 2020 06:30 am

Dividends remitted by government-owned or controlled corporations (GOCCs) nearly doubled this year that helped the country’s efforts to curb the spread of COVID-19 and provide economic relief to pandemic-hit businesses and individuals.

Data from the Department of Finance (DOF) showed that state-owned companies remitted P133.5 billion in dividends to government offers as of December 15, almost double the P69.2 billion collections in full-year 2019.

(Bloomberg FILE PHOTO)

According to the DOF, the cash dividends came from 55 GOCCs.

Under Republic Act (RA) No. 7656, otherwise known as the Dividends Law, all government-owned firms are required to remit at least 50 percent of their net earnings to the national government.

On top of the dividends, some GOCCs have also remitted P27.12 billion, which represented their unutilized subsidies, payment of guarantee feeS, advances, and other forms of contributions to the national government.

The Bangko Sentral ng Pilipinas topped the list of GOCCs with the highest dividend contributions, having remitted P40.53 billion.

The central bank was followed by the Philippine Deposit Insurance Corp. with P17.98 billion and the Philippine Amusement and Gaming Corp. with P17 billion.  

The other dividend contributors in the top 10 are the Tourism Infrastructure and Enterprise Zone Authority (P12 billion), Civil Aviation Authority of the Philippines (P6 billion), Manila International Airport Authority (P6 billion) and Philippine Ports Authority (P5.05 billion).

Also included are the Philippine National Oil Co. (P5 billion), Philippine Reclamation Authority (P4.4 billion) and National Power Corp. (P4 billion).  

Other GOCCs that remitted dividends of more than P1 billion are the Philippine Charity Sweepstakes Office (P2.27 billion), PNOC Exploration Corp. (P2 billion), Philippine Economic Zone Authority (P2 billion) Bases Conversion and Development Authority (P1.17 billion), and Clark Development Corp. (P1.13 billion).

The Philippine Sugar Corp. contributed dividends of P875 million, National Development Co. (P720 million), Sugar Regulatory Administration (P659.55 million), Philippine Crop Insurance Corp. (P630.19 million), Subic Bay Metropolitan Authority (P544.65 million), Cebu Port Authority (P500 million), and Mactan Cebu International Airport Authority (P500 million).

The National Home Mortgage Finance Corp. remitted P359.96 million, Metropolitan Waterworks and Sewerage System (P358.50 million), Philippine International Trading Corp. (P324.11 million), Philippine Retirement Authority (P216.37 million), among others.

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