May 06, 2024 - President Ferdinand R. Marcos Jr. assured Government-Owned or -Controlled Corporations (GOCCs) on Monday that the dividends they remit to the national government will be used to improve the lives of Filipinos.
As of May 3, GOCCs have remitted PHP88.56 billion in dividends to the state coffers. The President expressed confidence that the remittance of more than PHP100 billion in 2023 will be surpassed this year.
“Since those dividends also come from the people, let me assure you, that they will be carefully spent like the precious taxes that come from the sweat of their brow. It will be plowed back to them through projects and programs that will improve their lives today, and also create a better tomorrow for our children,” Marcos said in his speech during the GOCCs’ Day at Philippine International Convention Center in Pasay City.
He added, “It will be invested back to growth-inducing activities that create jobs and harness opportunities.”
Under Republic Act 7656, all GOCCs are required to remit at least 50 percent of their annual net earnings as cash, stock or property dividends to the national government.
Marcos said the remitted dividends “will yield more dividends, unleashing a virtual cycle that lifts up those we serve to a higher standard of living.”
He also honored GOCCs for their invaluable contributions not only to the nation’s coffers, but also to the continued progress of the Philippines as envisioned under the administration’s “Bagong Pilipinas” (New Philippines) campaign.
The top 10 contributing GOCCs are as follows:
- Land Bank of the Philippines – PHP32.12 billion
- Philippine Deposit Insurance Corporation – PHP10.68 billion
- Bangko Sentral ng Pilipinas – PHP9.2 billion
- Philippine Ports Authority – PHP5.06 billion
- Philippine Amusement and Gaming Corporation – PHP4.60 billion
- Manila International Airport Authority – PHP3.45 billion
- Subic Bay Metropolitan Authority – PHP3.07 billion
- Philippine Charity Sweepstakes Office – PHP2.7 billion
- Philippine National Oil Company – PHP2.64 billion
- National Transmission Corporation – PHP2.16 billion.
These corporations have played a significant role in the economic development of the country, and their contributions are expected to continue under the current administration.