The Department of Finance (DOF) is confident that dividends from government-owned or -controlled corporations (GOCCs) this year will surpass over PHP100 billion collected in 2024.
In a statement Wednesday, the DOF said that as of May 15 this year, dividend remittances from GOCCs already reached more than PHP76 billion.
The amount was sourced from around 50 GOCCs.
Top GOCCs that contributed at least PHP1 billion were Land Bank of the Philippines (PHP26 billion); Philippine Amusement and Gaming Corporation (PHP12.6 billion); Philippine Deposit Insurance Corporation (PHP10.13 billion); Philippine Ports Authority (PHP5.20 billion); Manila International Airport Authority (PHP3.32 billion); Philippine National Oil Company (PHP2.42 billion); Bases and Conversion and Development Authority (PHP2.03 billion); Philippine Charity Sweepstakes Office (PHP1.77 billion); Subic Bay Metropolitan Authority (PHP1.46 billion); and Maharlika Investment Corporation (PHP1.45 billion).
GOCC dividends are a major source of non-tax revenues for the national government to fund President Ferdinand R. Marcos, Jr.’s priority programs without the need to impose new taxes.
Last year, dividends from GOCCs amounted to more than PHP138 billion.
“I thank our hardworking GOCCs for their continued support to the national government and for heeding the President’s call for an all-inclusive, whole-of-government approach in realizing the government’s development plans that will benefit every Filipino,” Finance Secretary Ralph Recto said.
“These non-tax revenues allow us to support the government’s expenditure program for the year, enabling the DOF to stay on track with its fiscal program and mobilize funds for our priority programs and projects,” he added.
Recto said the increase in dividend remittances is a reflection of the strengthened good governance and fiscal discipline of GOCCs under the Marcos administration.
“This shows that our GOCCs are continuously operating efficiently and generating substantial profits, enabling them to contribute more to the National Treasury,” Recto said.
Under Republic Act 7656 or the Dividend Law, GOCCs are required to remit at least 50 percent of their net earnings during the preceding year as dividends to the national government.
To maximize non-tax revenue, the DOF earlier requested GOCCs to increase their share to 75 percent. (PNA)