P30 billion dividends turned over by GOCCs

MANILA, Philippines — The Department of Finance (DOF) yesterday reminded state-run firms to shun incompetence and to strive for efficiency as government-owned and controlled corporations (GOCCs) turned over dividends they earned last year to Malacañang.

Finance Secretary Carlos Dominguez III said the efficiency of GOCCs enabled them to post P30.46 billion worth of dividends last year.

“It is difficult to imagine our economic achievement without the tremendous contributions of our GOCCs. They have made possible mass housing, rural electrification, secure and safe water supplies for our burgeoning population, reliable mass transport and stable food prices, efficient health programs and social security services,” Dominguez said during the 2018 GOCC Day at Malacañang.

“Some, as we know, are designed to lose money and require subsidies to fulfill their missions. Others are simply not managed well enough. A greater number, I’m happy to note, operate with such efficiency that they are able to turn in profit and remit dividends to the national government,” he added.

GOCC Day is the ceremonial turnover of dividends that started in 2011. The DOF, which has fiscal oversight over the government corporate sector, hosts the event that aims to recognize GOCCs remitting dividends and contributing to national development. 

President Duterte yesterday witnessed the turnover of the dividends, which will help the national government offset the subsidies given to GOCCs performing crucial social missions and contain the budget deficit.

A total of 54 of the 125 GOCCs remitted dividends in 2017. Last year’s dividends totaled P30.46 billion, higher by 9.8 percent from the P27.73 billion recorded in 2016.

Eight of the GOCCs remitted at least P1 billion: the Philippine Deposit Insurance Corp. (P7.461 billion), Civil Aviation Authority of the Philippines (P5.394 billion), Development Bank of the Philippines (P2.516 billion), Manila International Airport Authority (P2.227 billion), Philippine Ports Authority (P1.956 billion), Bangko Sentral ng Pilipinas (P1.843 billion), National Power Corp. (P1.399 billion) and the Philippine Amusement and Gaming Corp. (P1.183 billion).