GOCCs remit P36.2 billion in dividends as of March 24

MANILA, Philippines — The national government has collected P36.2 billion in dividends from state corporations as of March 24, according to the Department of Finance (DOF).

In a video conference with reporters, Finance Secretary Carlos Dominguez said P12 billion of the total dividends came from the Philippine Amusement and Gaming Corp. (PAGCOR), while another P4.3 billion was from the Philippine Deposit Insurance Corp. (PDIC).

He said the remaining P19.9 billion came from the Bangko Sentral ng Pilipinas (BSP), Philippine Charity Sweepstakes Office (PCSO), and other state-run firms.

“That’s a total of P36 billion,” Dominguez said.

Aside from this amount, Dominguez said the Bureau of the Treasury (BTr) is still expecting at least P66 billion in additional dividends from top GOCC contributors, including the BSP, PDIC, Philippine Ports Authority (PPA), Civil Aviation Authority of the Philippines (CAAP) and Manila International Airport Authority (MIAA).

“We are not sure yet, but those are the big numbers. There are still some more that we are looking at. TIEZA (Tourism Infrastructure and Enterprise Zone Authority), for instance, and some others,” Dominguez said.

According to the finance chief, the money raised from GOCC dividends will be used to fund the emergency subsidy for 18 million families affected by the coronavirus disease 2019 or COVID-19 outbreak, amounting to a total of P200 billion.

This is pursuant to Republic Act 11469 or the Bayanihan To Health As One Act approved by Congress, granting President Duterte special powers to respond to the threat caused by the virus.

Dominguez said the money would also be used to purchase more personal protective equipment for health workers.

“We will spend this money to support P200 billion (program) for the people who lost their livelihood, that’s number one. Number two, certainly to purchase more safety equipment for the frontliners,” Dominguez said.

On March 24, PAGCOR remitted P12 billion in dividends to the Bureau of the Treasury, P5.67 billion higher than the P6.33 billion the agency is required to remit based on its 2019 financial report.

The BSP, for its part, has turned over P20 billion to the National Treasury.