1164-B remittances from GOCCs under Aquino’s term

Employees of government owned and controlled corporations (GOCCs) truly deserve higher compensation following the record-high remittances to the National Treasury in the past six years, President Aquino declared on Monday.

The President lauded the GOCCs for their hard work after handing over 140.2 billion worth of checks during the GOCC Day in Malacañang. This year’s dividends and other remittances by 49 GOCCs increased from 136.36 billion in 2015.

A total of 1164.33 billion have been

remitted by GOCCs under Aquino’s watch, higher than the 184.18 billion collected during the Arroyo administration.

“On behalf of the Filipino nation, we wholeheartedly thank the people working in these government corporations for their splendid performance and meaningful contribution to the country,” Aquino said in Filipino.

“You could have worked in the private sector where you could have a peaceful and profitable life. But by working in government, you have chosen smaller pay and heavier challenges to fulfill your responsibilities,” he added. Standardizing compensation Aquino said that he has already approved the Compensation and Position Classification System (CPCS) for the GOCC sector via Executive Order No. 203, standardizing compensation and benefits of personnel.

“Of course we cannot just ignore those who have helped improve governance service. Just last March, we have approved the Compensation and Position Classification System for our GOCCs,” Aquino said.

“This aims to bring the salaries of GOCC sector closer to the compensation of those working in the private sector. This may not fully reciprocate your sacrifices but we hope you will consider this as the State’s appreciation for your significant contributions to the country,” he added.

Highest dividends

Of the GOCCs, the Land Bank of the Philippines gave the highest dividends at 16.6 billion and remitted a total of 16.85 billion.

The Philippine Amusement and Gaming Corporation (PAGCOR) posted the highest total remittances at 18.869 billion.

Included in the so-called Billionaires’ Club are the Mactan Cebu International Airport Authority (15.062 billion), Bases Conversion Development Authority (13.93 billion), Development Bank of the Philippines (12.87 billion), Manila International Airport Authority (12.358 billion), Philippine Deposit Insurance Corporation (12.27 billion), Philippine Ports Authority (12.187 billion), and Philippine Reclamation Authority (11 billion).

Under Republic Act No. 7656, GOCCs are required to declare and remit at least 50 percent of their income as dividends to the national government.

Aquino said the GOCC contributions have helped bankroll various programs including the modernization of the Armed Forces, education and healthcare projects, irrigation systems, and public infrastructure.

In the same speech, Aquino highlighted the improvements of some GOCCs from the dismal state when he inherited them in 2010.

Aquino said the APO Production Unit has become one of the profitable firms with sales reaching 11.2 billion in 2015 compared to 1329 million in 2010. The company has remitted 15 million to the national government this year.

He also cited the transformation of the Philippine Reclamation Authority, saying the company’s remittances have reached 15.77 billion in the past five years.