Finances boosted by remittances from state-owned firms

MANILA, Philippines (Xinhua) - The government today received P32.31-billion ($737.67 billion) worth of dividends from its 50 government-owned and controlled corporations (GOCCs), which are earmarked to projects and programs such as for the rehabilitation of areas devastated by typhoon Haiyan.

The 32.31 billion pesos worth of dividends and other remittances for 2013 was much higher from P29 billion ($662.10 billion) remittances from 38 GOCCs in 2012.

Budget Secretary Florencio Abas said the GOCC dividends can be used to boost the government's Unprogrammed Fund, which can in turn support rehabilitation efforts in the wake of Super Typhoon Haiyan, which struck most parts of the country last November.

"Restoring normalcy in Haiyan-stricken communities is still a priority for the Aquino administration, one that this year's GOCC dividends can very well address. It's not just a matter of ensuring the continued stability of the country's economy or of preserving the soundness of our fiscal management strategy. It all comes down to bringing Haiyan's victims back to their feet and helping them rebuild the lives and communities that the typhoon did so much damage to," Abad said.