GOCC dividends remitted to Treasury rise over 700%

DIVIDENDS remitted to the Treasury bureau by government- owned and - controlled corporations (GOCCs) grew by over 700% at the May 15 payment deadline, the treasury bureau said.

The Bureau of the Treasury (BTr) said dividends as of May 15 grew 701.6% to P14.02 billion.

In the five months to May, total dividends stood at P18.641 billion, down 32.82% from a year earlier.

The Development Bank of the Philippines (DBP) remitted P2.516 billion, followed by the Manila International Airport Authority (MIAA) at P2.227 billion and the Civil Aviation Authority of the Philippines (CAAP) at P1.977 billion.

The Philippine Ports Authority (PPA) sent in P1.56 billion, and the Philippine Amusement and Gaming Corporation (PAGCOR) P1.183 billion.

All government firms complied with the payment deadline.

GOCCs are required to declare and remit at least half of their income as dividends to the national government.

Full payment of the minimum dividend is mandated on or before May 15, one month after the deadline for filing Corporate Income Tax Returns to the Bureau of Internal Revenue.

Finance Secretary Carlos G. Dominguez III said earlier that despite the surge in dividends, some P110.23 billion are in arrears from last year.

Those in arrears include the Philippine Deposit Insurance Corp. (PDIC) with P46.5 billion, Power Sector Assets and Liabilities Management (PSALM) Corp. at P29.87 billion, National Power Corp. (NPC) at P20.66 billion, Philippine Charity Sweepstakes Office (PCSO) at P6.89 billion and CAAP at P6.31 billion.

Land Bank of the Philippines was the only government corporation enjoying a waiver on its dividend owed, as it needed to comply with the liquidity requirements of the Basel 3 regime, as well as to fund its branch expansion.

Mr. Dominguez said that the cases of non-payment involve legal issues and conflicts with the GOCCs’ respective charters. —