More GOCCs eyed for P1 billion dividend club

MANILA, Philippines — Finance Secretary Frederick Go hopes more state-run firms will break into the P1-billion dividend mark next year, with remittances expected to hit a record P147.15 billion by year-end.

“We look forward to more GOCCs joining the Billionaires’ Club, (expecting to rise to) 20 next year,” Go told reporters, referring to firms able to remit at least P1 billion to the national coffers.

In 2026, 15 GOCCs made the cut, led by the Bangko Sentral ng Pilipinas, Land Bank of the Philippines, Philippine Deposit Insurance Corp., Manila International Airport Authority, Philippine Amusement and Gaming Corp., Philippine Ports Authority, Power Sector Assets and Liabilities Management Corp. and Bases Conversion and Development Authority.

Also in the club were Clark Development Corp., Philippine Guarantee Corp., Philippine Charity Sweepstakes Office, Philippine Economic Zone Authority, Maharlika Investment Corp., Philippine National Oil Company and the Civil Aviation Authority of the Philippines.

Go said the Department of Finance asked state-run firms to remit more than the law-mandated dividend of 50 percent of net earnings.

May subsidies fell 38 percent.

Meanwhile, subsidies to GOCCs plunged by 38.3 percent year-on-year to P4.89 billion in May, down from P7.92 billion a year earlier.

The government grants subsidies to GOCCs to cover operational expenses not supported by their own revenues.

Budgetary support for major non-financial corporations dropped by 49.1 percent to P2.86 billion in May, while allocations for other government corporations slipped by 11.4 percent to P2.02 billion.

Government financial institutions received none.

For the month, the National Food Authority cornered the biggest subsidy at P1.61 billion, followed by the National Irrigation Administration at P558 million and the Philippine Crop Insurance Corp. at P435 million.