GOCC dividends hit P44.7 B for Jan-June

Dividends remitted by governmentowned and-controlled corporations (GOCCs) reached a record-high of P44.69 billion in the first half, according to the Department of Finance.

Citing a report from Finance Assistant Secretary Soledad Emilia Cruz, the DOF said state-run firms remitted P44.69 billion in dividends as of mid-June, 57 percent higher than the P28.47 billion in the same period last year.

The DOF said this has already breached the P40.17 billion full-year dividend collection in 2018, setting a new record for the government.

Given the robust growth in dividends, the agency said dividends from GOCCs are expected to breach the P50 billion by the end of the year.

“Cash dividend collection from GOCCs reached P44.69 billion as of June 14. We expect this to breach the P50-billion mark by the end of the year,” said Cruz, who forms part of the DOF-Corporate Affairs Group (CAG).

GOCCs are required to declare and remit at least half of their income as dividends to the national government under Republic Act 7656 or the GOCC Dividend Law.

According to the DOF-CAG, the Philippine Amusement and Gaming Corp. sent the highest amount of dividends in the first six months amounting to P16.17 billion.

This was followed by the Philippine Deposit Insurance Corp. with P4.58 billion, and the Bangko Sentral ng Pilipinas with P4 billion.

The Philippine Ports Authority (PPA) also remitted P3.52 billion in dividends, while the Civil Aviation Authority of the Philippines and the Manila International Airport Authority transferred P3.51 billion and P3.42 billion, respectively.

Also included in the top contributors were the Land Bank of the Philippines with P1.96 billion, National Power Corp. with P842.38 million, Clark Development Corp. with P815.77 million, and Philippine Charity Sweepstakes Office with P744.23 million.

Covering the period from July 2016 to mid-June 2019, the DOF-CAG said the total cash dividend collections under the Duterte administration now amounts to P115.61 billion.

In 2018, GOCCs remitted P40.17 billion in dividends to the Bureau of the Treasury (BTr), 32 percent higher than the P30.46 billion recorded in the previous year.