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Manila Bulletin devider Business devider State-run firms pour P100 B into gov't coffers in 2023

State-run firms pour P100 B into gov't coffers in 2023

Published Jan 8, 2024 04:44 am

At A Glance

  • The Department of Finance (DOF) reported a substantial increase in dividends remitted by state-run companies last year, with over half of the total amount originating from the Bangko Sentral ng Pilipinas (BSP).<br>Data from the DOF showed that government-owned or -controlled corporations (GOCCs) remitted a total of P99.98 billion in dividends from January to December 2023, a 46 percent increase compared to the previous year.<br>Finance Secretary Benjamin E. Diokno attributed the increased dividend collection to the ongoing fiscal discipline being instilled in government-owned companies by the DOF.<br>Diokno said these dividends will aid in handling the national government's budget deficit and will be allocated to support the development requirements of the country.<br>Republic Act (RA) No. 7656 requires GOCCs to remit at least 50% of their annual net earnings to the national government. Fifty one GOCCs remitted dividends to the Bureau of the Treasury as of Dec. 31, 2023.<br>The BSP emerged as the top dividend contributor last year, remitting P55.61 billion.

The Department of Finance (DOF) reported a substantial increase in dividends remitted by state-run companies last year, with over half of the total amount came from the Bangko Sentral ng Pilipinas (BSP).

Data from the DOF showed that government-owned or -controlled corporations (GOCCs) sent a total of P99.98 billion in dividends from January to December 2023, a 46 percent increase from the P68.34 billion remitted in the previous year.

Finance Secretary Benjamin E. Diokno, who is also a member of the Governance Commission for GOCCs (GCG), attributed the increased dividend collection to the fiscal discipline being instilled in government-owned companies by the DOF. 

Diokno said these dividends will help in managing the national government's budget deficit and will be utilized to address the country's developmental needs.

“Rest assured, the DOF will remain steadfast in its commitment to strictly monitor the performance of our GOCCs, ensuring that they are well-run and are operating within the bounds of national development policies and programs,” Diokno said in a statement.

Republic Act (RA) No. 7656, also known as the Dividends Law of 1994, mandates all GOCCs to declare and remit a minimum of 50 percent of their annual net earnings to the national government.

As of Dec. 31, 2023, a total of 51 GOCCs remitted dividends to the Bureau of the Treasury.

The Bangko Sentral ng Pilipinas (BSP) emerged as the top dividend contributor last year, remitting P55.61 billion. 

Other significant contributors were the Philippine Deposit Insurance Corp. with P14.05 billion, the Philippine Amusement and Gaming Corp. with P6.96 billion, the Philippine Ports Authority with P4.44 billion, the Power Sector Assets & Liabilities Management Corp. with P3.15 billion, and the Philippine Charity Sweepstakes Office with P2.67 billion.

Subsequent top dividend contributors included the Philippine National Oil Co. with P1.68 billion, the Subic Bay Metropolitan Authority with P1.52 billion, the National Transmission Corp. with P1.48 billion, the Philippine Reclamation Authority with P1.35 billion, and the Clark Development Corp. with PHP 1.21 billion.

These dividends have served as a significant source of non-tax revenues, supporting the accelerated implementation of infrastructure and various social and economic programs of the government, the DOF said.

Related Tags

Department of Finance (DOF) government owned and controlled corporation dividend law
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