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Manila Bulletin devider Business devider Banking & Finance devider GOCC dividends shrink to ₱115 billion in 2025 on BSP remittance decline

GOCC dividends shrink to ₱115 billion in 2025 on BSP remittance decline

Landbank regains lead

Published Mar 30, 2026 06:00 pm  |  Updated Mar 30, 2026 02:47 pm

At A Glance

  • Dividend remittances of government-owned/-controlled corporations (GOCCs) fell 17.2 percent to ₱114.6 billion in 2025, driven by a sharp contraction in the Bangko Sentral ng Pilipinas' (BSP) remittance after leading in two consecutive years.

Dividend remittances of government-owned and/or -controlled corporations (GOCCs) fell 17.2 percent to ₱114.6 billion in 2025, driven by a sharp contraction in the Bangko Sentral ng Pilipinas’ (BSP) remittance after leading in two consecutive years.

The latest data from the Bureau of the Treasury (BTr) showed overall GOCC dividend remittances in 2025 dropped ₱23.8 billion from the record-high ₱138.5 billion in 2024.

This was driven by the sharp 38.3-percent drop in the government financial institutions’ (GFIs) dividends, plummeting to ₱52.8 billion in 2025 from a peak of ₱85.7 billion seen in the previous year.

As the main contributor, the BSP’s remittances plunged 64.5 percent to ₱18.9 billion in 2025 from ₱53.2 billion a year earlier. The ₱34.3-billion drop in the central bank’s remittance accounted for the bulk of the net decline in total GOCC dividends.

In 2024 and 2023, the BSP was the top remitter, contributing ₱53.2 billion and ₱55.6 billion, respectively.

Aside from the BSP, major non-financial and other GOCCs also contributed to the overall slump.

For one, Philippine National Oil Co. (PNOC) posted zero dividends in 2025, down from ₱2.6 billion in 2024. Dividends from PNOC-Exploration Corp. (PNOC-EC) likewise fell from ₱2 billion in 2024 to ₱347 million in 2025.

Similarly, Clark Development Corp. (CDC) recorded zero dividends last year, down from ₱1.8 billion in 2024—its largest payout on record.

Remittances from Metropolitan Waterworks and Sewerage System (MWSS) dropped sharply from ₱2.6 billion to just ₱568 million; Subic Bay Metropolitan Authority (SBMA) was more than halved, falling from ₱3.1 billion to ₱1.5 billion; and Philippine Reclamation Authority (PRA) declined from ₱2 billion to ₱503 million.

While these declines were substantial, the overall 2025 total was cushioned by gains from other corporations.

Notably, Philippine Amusement and Gaming Corp. (PAGCOR) nearly tripled its remittance from ₱4.6 billion to ₱12.7 billion. Power Sector Assets and Liabilities Management Corp. (PSALM), which had no contributions in 2024, remitted ₱9 billion. Additionally, Bases Conversion and Development Authority (BCDA) increased its contribution from ₱1.6 billion to ₱4.7 billion.

Maharlika Investment Corp. (MIC), the sovereign wealth fund (SWF) manager, appeared in the records for the first time in 2025 with a remittance of ₱1.4 billion.

Meanwhile, Land Bank of the Philippines (Landbank) emerged as the top dividend remitter among state-run firms in 2025, accounting for nearly a third of total GOCC remittances, taking over the top spot previously held by the BSP for the past two years.

Landbank slightly increased its dividend to ₱33.5 billion from ₱32.1 billion a year ago, marking another record for the GFI.

Landbank’s high dividend contribution reflects its strongest performance yet, with net income rising 24 percent to ₱44 billion in 2025 from ₱35.4 billion in 2024, supported by loan growth, improved credit oversight, and disciplined risk management.

Finance Secretary and Landbank Chair Frederick D. Go said the bank’s strong performance and continued support highlight its role as a reliable partner in advancing initiatives to improve the lives of Filipinos.

“Landbank’s dividend remittance is a deliberate investment in the country’s future. It strengthens the government’s capacity to fund critical programs that uplift communities, promote inclusive development, and expand economic opportunities, while enabling us to continue supporting agriculture and other priority sectors,” Landbank President and Chief Executive Officer (CEO) Lynette V. Ortiz said.

It was in 2023 that overall GOCC dividends first exceeded the ₱100-billion mark.

Under Republic Act (RA) No. 7656, or the Dividend Law, GOCCs are mandated to remit at least half of their net earnings from the previous year as dividends to the national government (NG). The Department of Finance (DOF) earlier urged GOCCs to raise their share to 75 percent to maximize non-tax revenues.

Dividends from state-run firms remain a major source of non-tax revenue for the NG, financing priority programs without the need for new taxes.

Non-tax earnings dropped 39.1 percent to ₱376.3 billion in 2025 from ₱618.3 billion in 2024, marking the lowest in three years since ₱325.7 billion in 2022. Despite that, the government still exceeded its ₱301.5-billion target last year.

For 2026, 2027, and 2028, the Marcos Jr. administration aims to rake in ₱249.1 billion, ₱273.6 billion, and ₱301.6 billion, respectively, in non-tax revenues.

Related Tags

Bureau of the Treasury (BTr) government-owned and/or -controlled corporations (GOCCs) Land Bank of the Philippines (Landbank) Frederick D. Go Lynette V. Ortiz Bangko Sentral ng Pilipinas (BSP)
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