DIVIDENDS from state-run firms reached P34.15 billion as of September and appear headed for a fresh banner year, the Department of Finance (DoF) said on Friday.
Government-owned and controlled corporations (GOCCs) remitted funds which are 58% higher than the P21.62 billion they paid to the state during the comparable nine-month period last year. The declared dividends as of end-September are likewise well beyond the P30.46-billion total for 2017.
Under the law, all GOCCs must declare and remit at least half of their income as dividends to the national government. These inflows complement tax collections from revenue agencies, which are used to finance state-sponsored programs and projects.
The DoF even expects the full-year dividends tally to hit an all-time high of P40 billion, DoF Assistant Secretary Soledad Emilia J. Cruz said in a report to the DoF executive committee.
“We have P34 billion now and we expect with the remittance of PDIC (Philippine Deposit Insurance Corp.) of P6 billion representing second installment on dividend in arrears, by December, dividend collection will hit P40 billion,” Ms. Cruz said in a statement.
As of September, 55 GOCCs have remitted funds to the National Treasury.
The Civil Aviation Authority of the Philippines was the biggest source of dividends so far this year as they handed in P6.224 billion, the DoF said. This is followed by the Bangko Sentral ng Pilipinas with P3.636 billion; the Philippine Ports Authority (P3.103 billion); PDIC (P2.844 billion); Philippine Amusement and Gaming Corp. (P2.593 billion); Philippine Charity Sweepstakes Office (P2.535 billion); Manila International Airport Authority (P2.25 billion); and the National Power Corp. (P1.410 billion).
Dividends have been rising over the past years, with the 2017 collections up by a tenth from P27.73 billion the prior year. Finance Secretary Carlos G. Dominguez III attributed the increase to “efficient monitoring of GOCCs” by respective heads of agencies. — Melissa Luz T. Lopez