Remittance from GOCCs hits P40.2 B

MANILA, Philippines - President Aquino trumpeted yesterday the sterling performance of government-owned and controlled corporations (GOCCs), which posted higher remittance of P40.2 billion this year from last year’s P36.36 billion.

“My pledge to our bosses: leave the country in a much better situation than we found it. And our meeting every GOCC Dividends Day is one proof of this, and this really makes us smile,” Aquino said in his speech during ceremonies marking GOCC Day.

The GOCCs, led by their respective chairpersons and chief executive officers handed over checks to Aquino in simple ceremonies at Malacañang.

GOCC Day is the annual ceremonial turnover of GOCCs’ dividends and recognition of their achievements and contributions to the country’s development.

The Landbank of the Philippines (LBP) remitted a total of P6.85 billion.

The Philippine Amusement and Gaming Corp. (Pagcor), on the other hand, had the highest total remittances at P8.869 billion. LBP and Pagcor were joined by seven more GOCCs in the Billionaires’ Club – an elite class of contributors that have declared P1 billion or more in total remittances.

The President said there were no more unreasonably fat allowances and bonuses for GOCC officials.

Aquino said these allowances and bonuses were given to officials as rewards even if the GOCCs were performing poorly.

He likened past GOCCs to milking cows that were also prized for their meat by venal officials.

He praised Finance Secretary Cesar Purisima and Governance Commission for GOCCs chairman Cesar Villanueva, along with Commissioners Angela Ignacio and Rainier Butalid, for their service to the people.

The President also specifically cited APO Production Unit, which was able to remit P5 million after reforming its computerization system and avoiding losses. From P329.14 million in sales in 2010, Aquino said it raised P1.21 billion in 2015.

The Philippine Reclamation Authority, Aquino said, was also able to turn over P5.77 billion, from less than P1 billion before 2010 or since its creation in 1973.

“Special mention,” he said, “must go to the Government Service Insurance System, Pag-IBIG Fund, Social Security System and Philippine Health Insurance Corp.”