Some 54 government-owned and -controlled corporations (GOCCs) turned over P40.2 billion worth of dividends to the national government on Monday during the celebration of GOCC Day 2016 in Malacañang.
“Barely a year after reforms were instituted, some GOCCs already manifested improvements in their operations. Four years later, the results have been even more remarkable,” said Ma. Angela E. Ignacio, commissioner of the Governance Commission for GOCCs (GCG).
The GOCCs, led by their respective chairmen and officers, submitted their dividend contributions to the national government on Monday in the form of checks at the Roxas Hall in Malacañang.
“Our GOCCs have exhibited marked improvements in their operations, resulting in higher incomes, improved efficiency and profitability ratios, with less reliance in operating subsidies and greater contribution to nation- building through the remittance of dividends. A very clear proof that good governance is, indeed, good economics,” Ignacio added.
During the annual ceremonial turnover of dividends, President Aquino was present to receive the checks from the 54 GOCCs. This year’s P40.2 billion in dividends from the GOCCs represents an average increase of 2 percent compared to the dividends received the previous year, which totaled P36.36 billion.
“This year more agencies have joined the roster of GOCCs that turned over their remittances to the national coffers. Prior to 2010, an average of only 21 GOCCs remitted to the national government. Today we have more than doubled this to 54 GOCCs,” Ignacio explained.
Of the 54 GOCCs, nine were considered part of the billionaires’ club. These are GOCCs that have contributed more than P1 billion in remittances. These include the Land Bank of the Philippines, which remitted P6.85 billion; the Philippine Amusement and Gaming Corp. with P8.869 billion in remittances, the highest among the elite group of contributors; Mactan Cebu International Airport Authority with P5.062 billion; Bases Conversion Development Authority with P3.930 billion; Development Bank of the Philippines with P2.87 billion; Manila International Airport with P2.35 billion; Philippine Deposit Insurance Corp. with P2.27 billion; Philippine Ports Authority with P2.18 billion; and the Philippine Reclamation Authority with P1 billion.
“Sa halos anim na taon ng ating pamamahala, P164.33 billion na ang na i-remit na dividendo ng ating GOCCs, halos dobleng pag-angat kung ikokompara natin sa naabot ng nakaraang administration na P84.18 billion mula 2001-2010. Kita naman po kung gaano na kalayo ang ating narating sa serbisyo ng ating mga GOCCs,” Mr. Aquino said in his speech.
The GCG, pursuant to Republic Act 7656, requires GOCCs to remit at least 50 percent of their revenue as dividends to the national treasury.
The Department of Finance started the tradition of celebrating the GOCC Day in 2010 to recognize the GOCCs that have significantly contributed to the country’s national development.