PFDA commits to increased dividend payments to Treasury
MANILA, Philippines — The Philippine Fisheries Development Authority (PFDA) said that it will increase its dividend payout to contribute to the government’s spending efforts.
In a statement on Monday, the Department of Agriculture’s (DA) PDFA said in a statement that it would remit 75% of its dividend payouts coming from the prior 50% after Finance Secretary Ralph Recto requested the government firm to increase its remittances to the government.
“We have to support the government in what it needs as long as it will not affect your own operations," DA’s press release read, quoting Agriculture Secretary Francisco Laurel.
This implies that the fisheries industry is expected to contribute a total value of P128.4 million, marking a P54 million increase from the previous year, according to the DA.
The DA added that PFDA booked a net profit of P171.2 million in 2023.
Republic Act No. 7656, also known as the Dividends Law of 1994, requires all Government-Owned and Controlled Corporations (GOCCs) to declare and transfer a minimum of 50%nt of their yearly net earnings to the national government.
Last year, 51 GOCCs remitted dividends to the National Treasury, according to the Department of Finance.
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