GOCC dividends hit record P61.3 billion year to date

GOVERNMENT-OWNED and controlled corporations (GOCC) remitted a record P61.3 billion to the Treasury in the year to date, the Department of Finance (DoF) said Friday.

“The dividends collected by the national government help offset the subsidies given out to state enterprises performing crucial social functions. They will go a long way in helping us hold down deficits and continue funding the infrastructure and social programs of President Duterte,” Finance Secretary Carlos G. Dominguez III said in a statement.

The DoF said the Philippine Amusement and Gaming Corp. (PAGCOR) had the top contribution of P16.17 billion, followed by the Philippine Deposit Insurance Corporation (PDIC) with P4.583 billion.

The Bangko Sentral ng Pilipinas remitted dividends of P4 billion, followed by Philippine Ports Authority (PPA), P3.515 billion; and the Civil Aviation Authority of the Philippines (CAAP), P3.509 billion.

The Manila International Airport Authority (MIAA) remitted P3.424 billion; Land Bank of the Philippines, P1.96 billion; and the National Power Corp., P1.437 billion.

“Because each GOCC has a unique mission, they have different management requirements and financial performances. Regardless of their unique features, we expect our GOCCs to be all competently managed and efficiently run,” Mr. Dominguez said.

GOCCs are required by law to return half their profits to the government in the form of dividends.

The DoF noted that just past the midyear mark, the latest total beats the P51.2 billion worth of dividends in 2018. The 2018 total, collected from 56 GOCCs, itself was a 41% improvement from a year earlier.

The DoF has said that between July 2016 — the first month of the current administration — to December 2018, GOCC dividends have amounted to P70.9 billion. — Reicelene Joy N. Ignacio