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Manila Bulletin devider Philippines devider National devider Marcos lauds GOCCs for role in PH development

Marcos lauds GOCCs for role in PH development

Published May 6, 2024 03:47 am

At A Glance

  • Dividends remitted by the GOCCs last year reached P100 billion, which is 47 percent higher than the P68.34 billion collections in 2022. He expressed confidence that the GOCCs will surpass this as they had already remitted P88.56 billion as of May 2024. 

President Marcos has commended Government-Owned or -Controlled Corporations (GOCCs) for their role in the country's continued progress as he honored them for their invaluable contributions to the nation’s coffers.

President Ferdinand 'Bongbong' Marcos Jr. (Noel Pabalate)
President Ferdinand 'Bongbong' Marcos Jr. (Noel Pabalate)

Marcos said this as he led the 2024 GOOCs’ Day in Pasay City on Monday, May 6, where he highlighted their significant role in the advancement of the Philippines.

In his speech, the President said the GOCCs are not just revenue generators, but service providers whose value and worth are found in the treasury and the services they render to the Filipino people.

"The passion, drive, and energy that you have demonstrated in your respective institutions have contributed significantly to the growth and prosperity of our people and of our economy," he said.

The Chief Executive said the dividends remitted by the GOCCs last year reached P100 billion, which is 47 percent higher than the P68.34 billion collections in 2022. He expressed confidence that the GOCCs will surpass this as they had already remitted P88.56 billion as of May.  

The top 10 contributing GOCCs are as follows:

  1. Land Bank of the Philippines - P32.12 billion
  2. Philippine Deposit Insurance Corporation (PDIC) – P10.68 billion  
  3. Bangko Sentral ng Pilipinas (BSP) – P9.2 billion  
  4. Philippine Ports Authority (PPA) – P5.06 billion
  5. Philippine Amusement and Gaming Corporation (PAGCOR) – P4.60 billion
  6. Manila International Airport Authority (MIAA) – P3.45 billion
  7. Subic Bay Metropolitan Authority (SBMA) – P3.07 billion
  8. Philippine Charity Sweepstakes Office (PCSO) – P2.7 billion
  9. Philippine National Oil Company (PNOC) – P2.64 billion
  10. National Transmission Corporation – P2.16 billion

 


President Marcos assured the GOCCs that the Filipino people would benefit from the remittances and would not be taken as a "license to hike the fees" they pay.

"Since those dividends also come from the people, let me assure you, that they will be carefully spent like the precious taxes that come from the sweat of their brow," he said.

"It will be plowed back to them through projects and programs that will improve their lives today, and also create a better tomorrow for our children," he added.

Marcos said the GOCCs' remittances would be invested in growth-inducing activities that create jobs and harness opportunities, which would yield more dividends, unleashing a "virtuous cycle."

"To put it in the proper perspective, the dividends are not being remitted to the government to be stored, but to help the people, for after all, they are the GOCCs’ true stakeholders," he said.

"Our call for higher earnings is a call for efficiency, and this goes especially to the agencies that deal directly with the people," he added.

Related Tags

Bongbong Marcos GOCCs President Marcos
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