GOCCs remit 131-B dividends

Dividends remitted by state-owned companies to government coffers jumped in the first seven months of the year, which already exceeded the Department of Finance’s (DOF) target for 2018.

Finance Secretary Carlos G. Dominguez III said that the Bureau of the Treasury received 131.3 billion in dividends from government owned and controlled corporations (GOCCs) from January to July 12 this year. Dominguez said latest dividends figure is higher by 64 percent compared with 119.1 billion in the same period last year, and already above the 130.45 billion collections registered last year.

For 2018, the government is targeting to raise 110 billion from its shares from GOCCs’ income.

“I think the secret here is we have a team who is serious in collecting this amount. I don’t know in the past how they did it. In fact we are increasing the number of agencies we are monitoring,” Dominguez told reporters.

As of July 12, about 51 of 77 GOCCs have already remitted to the Treasury.

The top 10 contributors were the Civil Aviation Authority of the Philippines with 16.2 billion, the Philippine Ports Authority with 13.1 billion, the Philippine Deposit Insurance Corp. with 12.8 billion, the Philippine Amusement and Gaming Corp. with 12.6 billion and the Philippine Charity Sweepstakes Office with 12.5 billion.

Rounding up the Top 10 were the Bangko Sentral ng Pilipinas with 12.5 billion, the Manila International Airport Authority with 12.2 billion, Food Terminal Inc. with 1963.8 million, Development Bank of the Philippines with 1959 million, and the Bases Conversion and Development Authority with 1905.7 million.

“From January 1 to July 12 we collected more than what we collected the whole year of 2017,” Finance Secretary Carlos Dominguez III said. “There will be a turnover to the President of the checks sometime this month.”

Assistant Secretary Soledad Emilia Cruz said among the GOCCs that have substantially increased their dividend contributions were PAGCOR, whose remittance rose by 11.4 billion; PCSO, which was able to remit for the first time; and the PPA, which remitted up to 60 percent of its net profit.

The other GOCCs that also remitted dividends were the National Power Corp. with 1867.1 million; Clark Development Corp. with 1700 million; PNOC Exploration Corp. with 1605.5 million; Philippine Economic Zone Authority with 1600 million, and Home Guaranty Corp. with 1412.49 million.

Alabang Sto. Tomas Development, Inc., APO Production Unit, Inc., Authority of the Freeport Area of Bataan, Batangas Land Co. Inc., BCDA Management Holdings Inc., Cebu Port Authority, DBP Leasing Corp., GY Real Estate Inc. and Kamayan Realty Corp. have also remitted.

Others were Laguna Lake Development Authority, LBP Insurance Brokerage Inc., LBP Leasing and Finance Corp., LBP Resources and Development Corp., Local Water Utilities Administration, and the Masaganang Sakahan Inc.

The dividend contributors also included the Metropolitan Waterworks & Sewerage System (MWSS), National Dairy Authority, National Development Co., National Electrification Administration, National Home Mortgage Finance Corp., National Housing Authority, and NDC – Philippine Infrastructure.