Three state-owned firms under the Department of Transportation (DOTr) added P10 billion to government’s war chest against the coronavirus disease 2019 (Covid-19) pandemic.
The DOTr turned over last week to the Bureau of the Treasury (BTr) the dividend contributions of Manila International Airport Authority (MIAA), the Civil Aviation Authority of the Philippines (CAAP) and the Philippine Ports Authority (PPA).
Of the P10 billion in dividends, the PPA contributed P4 billion while the MIAA and CAAP remitted P3 billion each to the BTr, according to a statement from the Department of Finance (DOF) on Monday.
The DOF statement cited Republic Act (RA) 7656 that requires government-owned and -controlled corporations (GOCCs) to declare and remit at least half of their income as dividends to the national government.
The DOF commended the three port managers for taking the lead among other government agencies in contributing to efforts to defeat Covid-19.
The DOF is estimating that over P200 billion in cash or its equivalent in various GOCC accounts, and national government agencies’ accounts outside the Treasury Single Account can be tapped to help finance the massive funding needed to implement the provisions under RA 11469.
The law gave President Duterte special but limited powers to allocate cash, funds, investments, including unutilized or unreleased subsidies and transfers, held by any GOCC for programs to address the Covid-19 public health crisis. Duterte signed the law after announcing government is setting aside P27 billion to address the public health crisis.
The DOF maintains that the realignment of funds would not affect the government’s centerpiece infrastructure program.
To note, RA 11469 included measures to protect and compensate health workers and boost their capability to fight the pandemic and to provide emergency subsidies to 18 million poor and low-income households who lost their sources of income after government imposed a community quarantine on Metro Manila on March 15.
A day later, Duterte signed Proclamation 929, placing the entire country under a state of calamity for six months following the sustained community transmission of Covid-19.
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