GOCCs turn over P32-B earnings

MANILA, Philippines - At least 50 government-owned and controlled-corporations (GOCCs) turned over to the national treasury yesterday a total of P32.3 billion in earnings or dividends.

“As I have repeatedly stated: Good governance is good economics,” President Aquino said at the ceremonial turnover at Malacañang yesterday. “Every year, you have always lived up to your real mandate: To ensure the continued availability of reliable service and widespread development.”

The Governance Commission for GOCCs (GCG), the central advisory body that monitors and oversees GOCCs, said the number of GOCCs that declared dividends has increased from 38 in 2012 to 50 last year.

Last year, the President received P77 billion in dividends that were obtained during the first three years of his administration, which he said far exceeded the P96 billion former President Gloria Macapagal-Arroyo received during her nine-year term.

This year’s highest dividends came from Land Bank of the Philippines with P6.2 billion, while state-run Philippine Amusement and Gaming Corp. had the total highest remittances at P9.7 billion.

Billionaires’ Club

Seven new GOCCs have also been included in the so-called “Billionaires’ Club.”

These are the Development Bank of the Philippines with P3.6 billion, Power Sector Assets and Liabilities Management Corp. (P2.5 billion), Bases Conversion Development Authority (P2.1 billion), Manila International Airport Authority (P1.5 billion), Philippine National Oil Co.-Exploration Corp. (P1.5 billion), Philippine Ports Authority (P1.4 billion) and Philippine Deposit Insurance Corp. (P1 billion).

GOCCs are required to declare and remit at least half of their income as dividends to the national government, pursuant to Republic Act 7656. The Department of Finance started the celebration of GOCC Day in 2011.

Since 2012, the GCG has continued the tradition of the annual ceremonial turnover of GOCCs’ dividends and recognition of other GOCCs that made significant contributions to the national government.

Post-calamity aid

Budget Secretary Florencio Abad said part of the GOCC earnings would help widen the country’s budgetary legroom for social and economic services, especially those related to post-calamity aid.

GOCC earnings this year rose by 13.34 percent.

Abad said GOCC dividends could also be used to boost the government’s un-programmed fund, which can in turn support rehabilitation efforts in the wake of Super Typhoon Yolanda.

“Restoring normalcy in Yolanda-stricken communities is still a priority for the Aquino administration, one that this year’s GOCC dividends can very well address,” he said in a statement.

“It’s not just a matter of ensuring the continued stability of the country’s economy or of preserving the soundness of our fiscal management strategy. It all comes down to bringing Yolanda’s victims back on their feet and helping them rebuild the lives and communities that the typhoon did so much damage to,” he added.

Abad also lauded the GOCCs for consistently improving their performance, adding that efforts by the GCG helped boost transparency and accountability in their operations.

“GOCCs have been tracking remarkable earnings since 2011, thanks to their focused efforts at enhancing their productivity and good governance practices. The GCG has likewise played a central role in ensuring greater transparency, accountability and openness among government corporations,” he said.

He said governance reforms have made a big and positive difference in the way GOCCs work, in keeping with the legacy that the Aquino administration hopes will continue beyond its term.   -Delon Porcalla, Zinnia dela Peña