Dividends from state-owned firms up 46% in 2023

DIVIDENDS generated by government-owned or -controlled corporations (GOCCs) rose 46% in 2023, the Department of Finance (DoF) said.

In a statement on Monday, the department said that its Privatization and Corporate Affairs Group collected P99.98 billion in dividends from GOCCs last year.

“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 Benjamin E. Diokno said.

The Bangko Sentral ng Pilipinas (BSP) was the top contributor in 2023, with dividends amounting to P55.61 billion.

The Philippine Deposit Insurance Corp. remitted P14.05 billion, while the Philippine Amusement and Gaming Corp. contributed P6.96 billion.

Other top contributors were the Philippine Ports Authority (P4.44 billion), the Power Sector Assets & Liabilities Management Corp. (P3.15 billion), the Philippine Charity Sweepstakes Office (P2.67 billion), the Philippine National Oil Co. (P1.68 billion), the Subic Bay Metropolitan Authority (P1.52 billion), the National

Transmission Corp. (P1.48 billion), the Philippine Reclamation Authority (P1.35 billion) and the Clark Development Corp. (P1.21 billion.)

As of Dec. 31, a total of 51 GOCCs remitted dividends to the Bureau of the Treasury.

By law, GOCCs are required to declare and remit at least 50% of their net earnings to the National Government.

“The dividends have been a major source of non-tax revenues to fund the accelerated implementation of programs on infrastructure and various social and economic programs of the government,” the DoF added. —