MANILA, Philippines (UPDATED) – Government-owned and controlled companies (GOCC) are remitting more to the national government.
On Wednesday, May 13, President Benigno Aquino III attended the ceremonial turnover of dividends by the GOCCs to the government, wherein he praised the improvement in GOCCs’ remittances, but urged them to do more.
GOCCs remitted P36.86 billion ($824.8 million) this year.
This is higher than the P32.3 billion ($722 million) remitted last year, and significantly more than when Aquino became president in 2010, when remittances amounted to about P29 billion ($647 million).
Since Aquino’s administration, the Governance Commission of GOCCs (GCG) has worked to abolish non-performing GOCCs, including companies that were a source of corruption.
Of the 49 GOCCs that turned over their dividends, Landbank of the Philippines (LBP) had the highest dividends at P6.254 billion ($139 million) while the Philippine Amusement and Gaming Corporation (PAGCOR) had the highest total remittances with P10.137 billion ($226.2 million).
In his speech, Aquino said GOCCs have undergone signifcant reform.
“Sabi nga ng isang analogy–puwede natin sabihin dito noong nag-umpisa tayo–[sa] dinatnan natin sitwasyon sa GOCCs, ‘Ginagatasan na, gusto pang karnehan.’ At siyempre ho, ‘yung kawawa hong baka o kalabaw, medyo hindi ho tatagal sa ganung sitwasyon. So minabuti po natin na talagang ayusin ang sistema,” he said.
(One anology we can use to compare how we started with the situation we inherited with GOCCs is, ‘They’re already being milked, yet they want to take beef from them too.’ And of course, the poor carabao, really won’t last in a situation like that. So we really worked hard to fix the system).
He also praised the increase in dividends from GOCCs since he came into power.
“Sa dividends po, mula 2001 up to 2009, tinatayang nakatanggap ang National Government ng P84.18 billion. Panahon po natin, mula 2010 hanggang 2015, lumaki po ‘yung numero, naging P131.28 billion,” he said.
(In dividends from 2001 up to 2009, the National Government is estimated to have received P84.41 billion. during our time, since 2010 until 2015, this number increased and has become P131.28 billion).
According to law, GOCCs are required to “declare and remit at least 50% of their annual net earnings as cash, stock or property dividends to the National Government” on or before April 30 every year.
In 2010, the Department of Finance started the yearly tradition of GOCC Dividends Day to recognize GOCCs for their remitted dividends.
GOCCs which turned over dividends were the following:
- Trade and Investment Development Corporation of the Philippines (also known as PhilEXIM) – TIDCORP
- Tourism Infrastructure & Enterprise Zone Authority (formerly PTA) – TIEZA
- Subic Bay Metropolitan Authority – SBMA
- Small Business Corporation – SBC
- Pinagkaisa Realty Corporation – PiRC
- BCDA Management and Holdings, Inc – BMHI
- NDC-Philippine Infrastructure Corporation – NPIC
- Sugar Regulatory Administration – SRA
- Kamayan Realty Corporation – KRC
- Philippine Aerospace Development Corporation – PADC
- APO Production Unit, Inc. – APO-PUI
- Batangas Land Company, Inc – BLCI
- Philippine Mining Development Corporation (formerly NRMDC) – PMDC
- Masaganang Sakahan, Inc – MSI
- ***LBP Resources and Development Corporation – LRDC
- National Irrigation Administration – NIA
- Authority of Freeport Area of Bataan – AFAB
- National Home Mortgage Finance Corporation – NHMFC
- Laguna Lake Development Authority – LLDA
- Philippine Sugar Corporation – PHILSUCOR
- Philippine Fisheries Development Authority – PFDA
- Phividec Industrial Authority – PIA
- National Livelihood Development Corp. (Merged Livecor and NLSF) – NLDC
- Social Housing Finance Corporation – SHFC
- National Housing Authority – NHA
- Local Water Utilities Administration – LWUA
- LBP Leasing Corporation – LBC-LC
- Philippine Crop Insurance Corporation – PCIC
- Cebu Port Authority – CPA
- Philippine Retirement Authority – PreTA
- National Power Corporation – NPC
- Mactan-Cebu International Airport Authority – MCIAA
- Cagayan Economic Zone Authority – CESA
- National Electrification Administration – NEA
- Metropolitan Waterworks and Sewerage System – MWSS
- Philippine Economic Zone Authority – PEZA
- Clark Development Corporation – CDC
- Bases Conversion Development Authority – BCDA
- PNOC Exploration Corporation – PNOC – EC
- Philippine Reclamation Authority (formerly PEA) – PRA
- Manila International Airport Authority – MIAA
- Philippine Ports Authority – PPA
- Philippine National Oil Company – PNOC
- Philippine Deposit Insurance Corporation – PDIC
- Food Terminal, Inc (PMO) – FTI
- Development Bank of the Philippines – DBP
- Philippine Amusement and Gaming Corporation – PAGCOR
- Landbank of the Philippines – LBP
US$1 = P44.82