DOF expects more remittances from GOCCs

Revenues from government owned and controlled corporations (GOCCs) as well as financial institutions have begun to snowball, which will be used to support people’s livelihood and acquisition of medical equipment, the Department of Finance (DOF) said.

Finance Secretary Carlos G. Dominguez III said that they expect around ₱66 billion additional revenue remittances coming from several state-run corporations in the coming days, which being earmarked for the ₱200 billion support for frontliners and financial aid.

Dominguez said they expect the Bangko Sentral ng Pilipinas (BSP), Philippine Ports Authority (PPA), Civil Aviation Authority of the Philippines (CAAP), and Manila International Airport Authority (MIAA) will remit their dividends.

Last week, the BSP and CAAP already committed to advance P30 billion in dividends to the Bureau of the Treasury to help fund the government’s fight against the coronavirus disease (COVID-19) pandemic.

Dominguez added that they likewise expect the Tourism Infrastructure and Enterprise Zone Authority and some other GOCCs would support financially the national government’s fundraising against the COVID-19 crisis.

As of March 24, the DOF raised an initial ₱36 billion in dividends from the BSP, Philippine Amusement and Gaming Corp., Philippine Charity Sweepstakes Office, and Philippine Deposit Insurance Corp.

“We estimate we will get probably another firmly ₱66 billion from PPA, CAAP, MIAA and BSP and probably some more from PDIC. But those are the big numbers. There are still some more that we are looking at like Tieza for instance and some others,” Dominguez told reporters.