ADVERTISEMENT
Manila Bulletin devider Business devider The Economy devider Marcos admin targets expanded 'billionaire club' of state firms to fund infra

Marcos admin targets expanded 'billionaire club' of state firms to fund infra

Published Jul 13, 2026 12:00 am  |  Updated Jul 11, 2026 01:28 pm
The Marcos administration expects five more state-run companies to join the elite group of top-tier dividend contributors next year, accelerating its push to squeeze non-tax revenues from government entities to fund infrastructure without introducing new taxes.
Finance Secretary Frederick D. Go told reporters that the government aims to expand the so-called billionaires’ club—state firms that remit more than ₱1 billion to the national treasury—to 20 entities next year.
Fifteen companies reached that milestone based on earnings generated in 2025, Go said during a national executive forum on the implementation of the Real Property Valuation and Assessment Reform Act (RPVARA).
“We look forward to more GOCCs joining the billionaires’ club—20 next year,” Go said. Remittances for 2027 will come from the GOCCs’ earnings this year.
Total dividend declarations have reached ₱147.2 billion from 50 different state-run firms, with ₱140 billion already collected as of July 8. The expected total would be 29 percent higher than the ₱114.6 billion recorded in 2025.
Dividends from state-run firms remain a major source of non-tax revenue for the national government (NG), financing priority programs without the need for new taxes.
Leading the 2026 contributors is the Bangko Sentral ng Pilipinas (BSP), which remitted ₱62.4 billion, followed by Land Bank of the Philippines (Landbank) with ₱25 billion, with an additional ₱7.3 billion due for collection.
Other top remitters include the Philippine Deposit Insurance Corp. (PDIC) at ₱9.7 billion, the Manila International Airport Authority (MIAA) at ₱7.6 billion, and the Philippine Amusement and Gaming Corp. (Pagcor) at ₱5.7 billion.
Notably, sovereign wealth fund (SWF) manager Maharlika Investment Corp. (MIC) also contributed ₱1.4 billion to national coffers this year.
Other GOCCs that turned over more than ₱1 billion in dividend remittances in 2026 were the Philippine Ports Authority (PPA) at ₱5.3 billion, the Power Sector Assets and Liabilities Management Corp. (PSALM) at ₱4 billion, the Bases Conversion and Development Authority (BCDA) at ₱2.6 billion, Clark Development Corp. (CDC) at ₱2.6 billion, the Philippine Guarantee Corp. (PhilGuarantee) at ₱1.9 billion, the Philippine Charity Sweepstakes Office (PCSO) at ₱1.6 billion, the Philippine Economic Zone Authority (PEZA) at ₱1.4 billion, the Philippine National Oil Co. (PNOC) at ₱1.3 billion, and the Civil Aviation Authority of the Philippines (CAAP) at ₱1.2 billion.
Go said these dividend payouts are expected to expand investments in infrastructure, education, healthcare, and other initiatives that support output expansion and improve the quality of life of Filipinos.
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. In 2024, the Department of Finance (DOF) urged GOCCs to raise their share to 75 percent to maximize non-tax revenues.
Asked whether it would be excessive to make the 75-percent remittance mandatory to boost non-tax revenues, the Finance chief said the government only urges state-run firms to contribute as much as three-fourths of their net income.
“The government asked the GOCCs to contribute more to the national coffers if it was possible,” Go said.
Dividends collected under President Ferdinand R. Marcos Jr.’s administration have already exceeded half a trillion pesos since mid-2022, 31.2 percent higher than those under the Duterte administration and dwarfing the collections of the two previous administrations.
GOCCs have remitted a total of ₱501.4 billion since the start of the current administration, averaging ₱125.5 billion annually.
Historically, dividends under the current administration have emerged as an outlier. The Arroyo administration, from 2001 to 2010, collected ₱84.2 billion, while the Benigno Aquino III administration, from 2010 to 2016, collected ₱164.8 billion.
While collections rose to ₱382.3 billion under the Duterte administration, the current annual average of ₱125.5 billion is nearly double the ₱63.7-billion average recorded under the previous administration.

Related Tags

government-owned and/or -controlled corporations (GOCCs) Bureau of the Treasury (BTr) Frederick D. Go
ADVERTISEMENT
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1561_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ static_articles_1562_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1563_widget.title }}

{{ item.title }}

{{ articles_filter_1564_widget.title }}

{{ item.title }}
.mb-article-details { position: relative; } .mb-article-details .article-body-preview, .mb-article-details .article-body-summary{ font-size: 17px; line-height: 30px; font-family: "Libre Caslon Text", serif; color: #000; } .mb-article-details .article-body-preview iframe , .mb-article-details .article-body-summary iframe{ width: 100%; margin: auto; } .read-more-background { background: linear-gradient(180deg, color(display-p3 1.000 1.000 1.000 / 0) 13.75%, color(display-p3 1.000 1.000 1.000 / 0.8) 30.79%, color(display-p3 1.000 1.000 1.000) 72.5%); position: absolute; height: 200px; width: 100%; bottom: 0; display: flex; justify-content: center; align-items: center; padding: 0; } .read-more-background a{ color: #000; } .read-more-btn { padding: 17px 45px; font-family: Inter; font-weight: 700; font-size: 18px; line-height: 16px; text-align: center; vertical-align: middle; border: 1px solid black; background-color: white; } .hidden { display: none; }
function initializeAllSwipers() { // Get all hidden inputs with cms_article_id document.querySelectorAll('[id^="cms_article_id_"]').forEach(function (input) { const cmsArticleId = input.value; const articleSelector = '#article-' + cmsArticleId + ' .body_images'; const swiperElement = document.querySelector(articleSelector); if (swiperElement && !swiperElement.classList.contains('swiper-initialized')) { new Swiper(articleSelector, { loop: true, pagination: false, navigation: { nextEl: '#article-' + cmsArticleId + ' .swiper-button-next', prevEl: '#article-' + cmsArticleId + ' .swiper-button-prev', }, }); } }); } setTimeout(initializeAllSwipers, 3000); const intersectionObserver = new IntersectionObserver( (entries) => { entries.forEach((entry) => { if (entry.isIntersecting) { const newUrl = entry.target.getAttribute("data-url"); if (newUrl) { history.pushState(null, null, newUrl); let article = entry.target; // Extract metadata const author = article.querySelector('.author-section').textContent.replace('By', '').trim(); const section = article.querySelector('.section-info ').textContent.replace(' ', ' '); const title = article.querySelector('.article-title h1').textContent; // Parse URL for Chartbeat path format const parsedUrl = new URL(newUrl, window.location.origin); const cleanUrl = parsedUrl.host + parsedUrl.pathname; // Update Chartbeat configuration if (typeof window._sf_async_config !== 'undefined') { window._sf_async_config.path = cleanUrl; window._sf_async_config.sections = section; window._sf_async_config.authors = author; } // Track virtual page view with Chartbeat if (typeof pSUPERFLY !== 'undefined' && typeof pSUPERFLY.virtualPage === 'function') { try { pSUPERFLY.virtualPage({ path: cleanUrl, title: title, sections: section, authors: author }); } catch (error) { console.error('ping error', error); } } // Optional: Update document title if (title && title !== document.title) { document.title = title; } } } }); }, { threshold: 0.1 } ); function showArticleBody(button) { const article = button.closest("article"); const summary = article.querySelector(".article-body-summary"); const body = article.querySelector(".article-body-preview"); const readMoreSection = article.querySelector(".read-more-background"); // Hide summary and read-more section summary.style.display = "none"; readMoreSection.style.display = "none"; // Show the full article body body.classList.remove("hidden"); } document.addEventListener("DOMContentLoaded", () => { let loadCount = 0; // Track how many times articles are loaded const offset = [1, 2, 3, 4, 5, 6, 7, 8, 9, 10]; // Offset values const currentUrl = window.location.pathname.substring(1); let isLoading = false; // Prevent multiple calls if (!currentUrl) { console.log("Current URL is invalid."); return; } const sentinel = document.getElementById("load-more-sentinel"); if (!sentinel) { console.log("Sentinel element not found."); return; } function isSentinelVisible() { const rect = sentinel.getBoundingClientRect(); return ( rect.top < window.innerHeight && rect.bottom >= 0 ); } function onScroll() { if (isLoading) return; if (isSentinelVisible()) { if (loadCount >= offset.length) { console.log("Maximum load attempts reached."); window.removeEventListener("scroll", onScroll); return; } isLoading = true; const currentOffset = offset[loadCount]; window.loadMoreItems().then(() => { let article = document.querySelector('#widget_1690 > div:nth-last-of-type(2) article'); intersectionObserver.observe(article) loadCount++; }).catch(error => { console.error("Error loading more items:", error); }).finally(() => { isLoading = false; }); } } window.addEventListener("scroll", onScroll); });
Join Our Newsletters

Sign up by email to receive news.

© 2025 Manila Bulletin The Nation's Leading Newspaper. All Rights Reserved.