GOCCs remit P4.7B in dividends to NG

The National Government received P4.7 billion worth of dividends from government-owned and controlled corporations (GOCCs) as of July 18 this year.

As this developed, Finance Secretary Margarito Teves said the government is planning to increase GOCCs’ dividend payments.

The dividend to be remitted by GOCCs should be equivalent to 50 percent of their net income of the prior year as mandated under Republic Act 7656.

Teves, who did not disclose how much will be the increase, said it would be "voluntary".

According to Teves, the plan is consistent with the National Government’s overall efforts to prepare contingency measures in case the implementation of expanded value added tax (EVAT) will be delayed by six months.

Other counter measures being looked at by the DOF are: sale of some government assets and increase in tariff of dutiable goods by one percent.

Data from the Department of Finance (DOF) showed that bulk of the remitted dividends came from the Bangko Sentral ng Pilipinas (BSP) with P1.6 billion.

The government financial institutions have remitted a total of P1.5 billion during the said period. Of this, Development Bank of the Philippines accounted for P1.13 billion; Land Bank of the Philippines with P300 million (based on net income available for cash dividend and equity adjustment as required by World Bank); and Philippine Deposit Insurance Corp. (PDIC) with P101.09 million.

The other GOCCs and their respective dividends as of July 18 were: Philippine National Oil Co. (PNOC), P612.71 million (includes remittance of Petron Corp. amounting to P375 million); National Electrification Administration, P95 million; PNOC Shipping and Transport Corp., P1.08 million.

The Philippine Ports Authority, P613.6 million; Cebu Port Authority, P33.72 million; Mactan-Cebu International Airport Authority, P53.49 million; Human Settlements Development Corp., P2.5 million; Philippine Fisheries Development Authority, P10.34 million; Philippine Leisure and Retirement Authority, P40.72 million; GY Real Estate Inc, P18 million; Pinagkaisa Realty Corp., P11 million; Philippine Economic Zone Authority, P188.06 million; and Philippine Center for Economic Development, P38 million.

National Housing Authority remitted some P7.56 million during the period. Metropolitan Waterworks and Sewerage System, on the other hand, recorded a remittance of P34.46 million to NG during the said period.