BSP turns over Pamintuan Mansion to government as property dividend

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has included the Pamintuan Mansion in Angeles City in the list of property dividends submitted to the Department of Finance (DOF).

BSP Governor Amando Tetangco Jr. said the finance department agreed to transfer reponsibility over the property to the National Historic Commision that would convert the Pamintuan Mansion into a museum.

“In this manner, we ensure that ownership of the Pamintuan House remains with government... and Angeles City will be assured that this historic landmark in its midst will be preserved for the next generations as witness to the history and heroism of our people,” Tetangco stressed.

The BSP held office at the historic Pamintuan House in Angeles City over the last 23 years.

The first anniversary of the Philippine Republic was held at the Pamintuan House that served briefly as residence of the first Philippine president – Emilio Aguinaldo.

Last year, the BSP remitted P6 billion to the National Government as dividend payments representing 75 percent of its total earnings that amounted to P8.93 billion in 2008. The BSP together with other government-owned and controlled corporations (GOCCs) are mandated by Republic Act 7658 to remit dividends to the National Government.

The law requires the BSP to remit higher dividend payments to the National Government equivalent to 75 percent of its net income while the rest of the GOCCs are required to pay only 50 percent of their net profits to the government.

This year, the central bank is expected to remit close to P10 billion or 75 percent of its 2009 unaudited net income of P13.131 billion.