GOCCs remit...

amounts to 170.9 billion.

“This is unprecedented,” Dominguez said. “The record amount demonstrates the effectivity of Undersecretary Tionko and her team in instilling fiscal discipline among the GOCCs since the Duterte administration took over in 2016.”

Dominguez earlier attributed the significantly higher dividend remittances last year to the efficient monitoring of GOCCs by the DOF as well as by finance officials sitting on the boards of these state-run firms.

GOCCs are required to declare and remit at least half of their income as dividends to the national government, under Republic Act No. 7656.

Dividends remitted by GOCCs have steadily increased under the Duterte administration.

In 2017, dividends remitted by GOCCs to the BOT grew by 9.8 perce from the 2016 collections of 127.73 billion.

The 2017 dividend collections from 54 GOCCs exceeded the 127.73-billion remittances in 2016 even if the LandBank's 16 billion remittance in 2017 was not included to allow the institution to recapitalize and better serve the increasing development needs of the country.

Had LandBank's dividends been included, the total GOCC remittances would have reached 136.46 billion in 2017.

GOCCs with at least 11 billion dividend remittances in 2017 were PDIC with 17.461 billion, CAAP with 15.394 billion, DBP with 12.516 billion, MIAA with 12.227 billion, PPA with 11.956 billion, BSP with 11.843 billion, NPC with 11.399 billion, and Pagcor with 11.183 billion.