<<<PRESS RELEASES

GOCCs REMIT P 32.31-B TO NATIONAL TREASURY

POSTED LAST 09 Jun 2014 - 05:22 pm

The number of Government-Owned-or Controlled Corporations (GOCCs) that remit earnings, or dividends, to the national coffers continue to increase according to the Governance Commission for GOCCs (GCG).

In simple rites held this morning, chairpersons and chief executive officers of various GOCCs personally handed remittance checks to President Benigno S. Aquino III in a ceremony marking GOCC Day at the Rizal Hall, Malacañan Palace.

GCG, the central advisory body that monitors and oversees the GOCC Sector, said that the number of GOCCs that have declared dividends increased from 38 in 2012 to 50 in 2013.

The GOCC sector remitted a total of P 32.31 billion worth of dividends and other remittances for the past year. Land Bank of the Philippines (LBP) had the highest dividends remitted with P 6.298 billion. Philippine Amusement and Gaming Corporation (PAGCOR), on the other hand, had the highest total remittances at P 9.791 billion. 7 GOCCs are also included in the elite class of contributors, or the so called “Billionaires’ Club,” that have declared P 1 billion or more in dividends.

This year’s Billionaires’ Club include: Development Bank of the Philippines (DBP) with P 3.616 billion; Power Sector Assets & Liabilities Management Corporation (PSALM) with P 2.5 billion; Bases Conversion Development Authority (BCDA) with P 2.107 billion; Manila International Airport Authority (MIAA) with P 1.577 billion; Philippine National Oil Company-Exploration Corporation (PNOC-EC) with P 1.5 billion; Philippine Ports Authority (PPA) with P 1.422 billion; and Philippine Deposit Insurance Corporation (PDIC) with P 1.05 billion.

GOCCs are required to declare and remit at least half of their income as dividends to the National Government under R.A. No. 7656. The Department of Finance (DOF) started the celebration of the GOCC Day in 2011. Since 2012, GCG has continued the tradition of the annual ceremonial turnover over of GOCCs’ dividends and recognition of other GOCCs that made significant contributions to national development.

To view the complete list of remitting GOCCs, click here.

 

Contact:

Bea Nadine V. Barte

(02) 328 – 2030 to 34

bnvbarte@gcg.gov.ph

www.gcg.gov.ph