MANILA – The Finance department's Privatization and Corporate Affairs Group collected a total of PHP99.98 billion in dividends from government-owned or -controlled corporations (GOCCs) last year.
In a statement on Monday, the Department of Finance (DOF) said this was higher by 46 percent compared to 2022's PHP68.34 billion collections.
A total of 51 GOCCs remitted dividends to the National Treasury as of Dec. 31, 2023.
“The increased dividend collection is a result of fiscal discipline that the DOF continues to instill in GOCCs. These dividends will help manage our deficit and will be used to support the country’s development needs," Finance Secretary and Governance Commission for GOCCs (GCG) member Benjamin Diokno said.
"Rest assured, the DOF will remain steadfast in its commitment to strictly monitor the performance of our GOCCs, ensuring that they are well-run and are operating within the bounds of national development policies and programs,” he added.
Republic Act 7656 or the Dividends Law of 1994 mandates all GOCCs to declare and remit at least 50 percent of their annual net earnings to the national government.
The DOF said the Bangko Sentral ng Pilipinas emerged as the top dividend contributor in 2023 with PHP55.61 billion followed by the Philippine Deposit Insurance Corporation with PHP14.05 billion.
The other top dividend contributors were the Philippine Amusement and Gaming Corporation (PHP6.96 billion), Philippine Ports Authority (PHP4.44 billion), Power Sector Assets & Liabilities Management Corporation (PHP3.15 billion), and the Philippine Charity Sweepstakes Office (PHP2.67 billion).
The subsequent top dividend contributors were the Philippine National Oil Company with PHP1.68 billion, the Subic Bay Metropolitan Authority with PHP1.52 billion, the National Transmission Corporation with PHP1.48 billion, the Philippine Reclamation Authority with PHP1.35 billion, and the Clark Development Corporation with PHP1.21 billion.
Dividends from GOCCs are used to fund the accelerated implementation of programs on infrastructure and various social and economic programs of the government. (PNA)
