POSTED LAST 23 May 2016 - 04:08 pm

Government-Owned or-Controlled Corporations (GOCCs) once again posted remittances during the last GOCC Day or ceremonial turnover of dividends under the administration of President Benigno S. Aquino III.

50[1] GOCCs, led by their respective Chairpersons and Chief Executive Officers, handed over checks to President Aquino in a simple ceremony at the Rizal Hall in Malacañan Palace today. The GOCC Day is the annual ceremonial turnover of GOCCs’ dividends and recognition of GOCCs’ achievements and their significant contributions to the country’s national development.

This year’s GOCC dividends and other remittances increased from a total of P36.36 billion remitted in last year’s GOCC Day.

The Landbank of the Philippines (LBP) had the highest dividends at P6.6 billion and remitted a total of P6.85 billion. The Philippine Amusement and Gaming Corporation (PAGCOR), on the other hand, had the highest total remittances at P8.869 billion. LBP and PAGCOR are joined by 7 more GOCCs in the Billionaires’ Club – an elite class of contributors that have declared P1 billion or more in total remittances.

This year’s Billionaires’ Club include: Mactan Cebu International Airport Authority (MCIAA) with P5.062 billion; Bases Conversion Development Authority (BCDA) with P3.930 billion; Development Bank of the Philippines (DBP) with P2.87 billion; Manila International Airport Authority (MIAA) with P2.358 billion; Philippine Deposit Insurance Corporation (PDIC) with P2.27 billion; Philippine Ports Authority (PPA) with P2.187 billion; and Philippine Reclamation Authority (PRA) with P1 billion.

GOCCs are required to declare and remit at least 50% of their income as dividends to the National Government pursuant to Republic Act No. 7656. The tradition of GOCC Day started in 2010 under the Department of Finance (DOF) to give recognition to the GOCCs for the dividends that would be remitted to the National Government. Since 2012, the Governance Commission 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 for the GOCC Day 2016, click here.

[1] Excluding the National Livelihood Development Corp., Philippine Sugar Corp., Philippine Rice Research Institute, and Philippine Export-Import Credit Agency that did not attend the 2016 GOCC Day.

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