DIVIDENDS received from state-run firms surpassed P30 billion in 2017, boosted by a major payment from the Civil Aviation Authority of the Philippines (CAAP).
The Department of Finance (DoF) said in a statement that government-owned and -controlled corporations (GOCCs) remitted a total P30.45 billion to the Bureau of the Treasury (BTr), up 9.8%.
Dividends were generated by 53 GOCCs.
This included the CAAP — which had not remitted dividends in four years.
CAAP sent to the BTr some P5.39 billion, largely sourced from the P6-billion payment of Philippine Airlines’ (PAL) liabilities in October.
President Rodrigo R. Duterte demanded that the flag carrier settle its arrears, threatening to shut down the Ninoy Aquino International Airport Terminal 2, which the airline uses.
GOCCs are required to declare and remit at least half of their income as dividends to the national government, under Republic Act No. 7656, or the GOCC Dividend Law.
The national government on the other hand gives out subsidies to GOCCs to support their projects.
The increase in the dividend take comes despite an exemption granted to Land Bank of the Philippines (LandBank), which would have had to pay P6 billion to the Treasury.
LandBank needed capital to hit the 10% capital adequacy ratio requirement imposed by the Bangko Sentral ng Pilipinas this year, exceeding the Basel 3 standard of 8%, according to the DoF.
Topping the dividend list were the Philippine Deposit Insurance Corp. (PDIC) at P7.46 billion; Development Bank of the Philippines P2.51 billion; Manila International Airport Authority P2.22 billion; Philippine Ports Authority P1.95 billion; Bangko Sentral ng Pilipinas P1.84 billion; National Power Corp. (NPC) P1.39 billion; Philippine Amusement and Gaming Corp. P1.18 billion; and the Subic Bay Metropolitan Authority (SBMA) P923.60 million.
The DoF also said that about “one third of the 2017 remittances” were from settled arrears in previous years from CAAP, PDIC, SBMA, and the NPC.
The other GOCCs that remitted to the National Treasury were the Philippine Economic Zone Authority, P622.91 million; PNOC Exploration Corp., P519.42 million; Clark Development Corp., P500 million; National Development Co., P428.19 million; Philippine Reclamation Authority, P323.76 million; Local Water Utilities Administration. P319.08 million; Cebu Port Authority, P294.69 million; Cagayan Economic Zone Authority, P240.59 million; Metropolitan Waterworks & Sewerage System, P232.63 million; and the Philippine Leisure and Retirement Authority, P210.44 million. — Elijah Joseph C. Tubayan
