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Manila Bulletin devider Business devider Banking & Finance devider End-November GOCC dividends lag 2025 target as remittances stagnate in H2

End-November GOCC dividends lag 2025 target as remittances stagnate in H2

Published Dec 26, 2025 04:00 pm

At A Glance

  • Dividends from all government-controlled and/or -owned corporations (GOCCs) stood at ₱106.6 billion as of the end of November, still more than a third away from the projected full-year collections and about a quarter short of 2024's total.
Dividends from all government-owned and/or -controlled corporations (GOCCs) stood at ₱106.6 billion as of end-November, still more than a third short of the projected full-year collections and about a quarter below the 2024 total.
The latest data from the Bureau of the Treasury (BTr) showed that dividends remitted by state-run firms already exceeded ₱100 billion in July at ₱106.3 billion, but this barely expanded over the next four months, with November posting the smallest monthly remittance at ₱48 million.
Remittances to the BTr first slumped in August to ₱82 million, inched up slightly to ₱93 million in September, but thinned again to ₱50 million in October. The year-to-date figure accounted for only 67.8 percent of the full-year program of ₱157 billion.
Compared with the 2024 total, dividends remitted since January stood at 77 percent of last year’s ₱138.5 billion. Former Department of Finance (DOF) secretary Ralph G. Recto’s projection, if achieved, would be 13.4-percent higher than the 2024 figure.
Meanwhile, Recto earlier reported that GOCCs had remitted ₱117 billion in dividends as of September. This figure has yet to be reflected in the BTr data.
GOCC dividends are a major source of non-tax revenues for the national government (NG) to fund the Marcos Jr. administration’s priority programs without imposing new taxes on the public.
Under Republic Act (RA) No. 7656, or the Dividend Law, GOCCs are required to remit at least 50 percent of their net earnings from the preceding year as dividends to the NG. The DOF last year requested GOCCs to increase this share to 75 percent to maximize non-tax revenues.
Government financial institution (GFI) Land Bank of the Philippines (Landbank) contributed the largest share at ₱26 billion, accounting for nearly a quarter of the total.
It was followed by the Bangko Sentral ng Pilipinas (BSP) with ₱18.9 billion, or 17.8 percent of total; Philippine Amusement and Gaming Corp. (Pagcor) with ₱12.7 billion, or 11.9 percent; Philippine Deposit Insurance Corp. (PDIC) with ₱10.1 billion, or 9.5 percent; and Power Sector Assets and Liabilities Management Corp. (PSALM) with ₱9 billion, or 8.4 percent.
Completing the list of the top 10 contributors were Philippine Ports Authority (PPA), Bases Conversion and Development Authority (BCDA), Philippine Charity Sweepstakes Office (PCSO), Manila International Airport Authority (MIAA), and Subic Bay Metropolitan Authority (SBMA), which collectively remitted ₱18.9 billion to the national treasury.
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