3 GOCCs under DOTr remit P11.33B in dividends to DOF

THREE government-owned and -controlled corporations (GOCCs) under the Department of Transportation (DOTr) remitted dividends totaling P11.33 billion to the national government through the Department of Finance (DOF) last Friday.

The DOF said the three GOCCs were the Manila International Airport Authority (Miaa), which formally turned over P2.01 billion; the Civil Aviation Authority of the Philippines (Caap) with P6.22 billion; and the Philippine Ports Authority (PPA) amounting to P3.1 billion.

Transportation Secretary Arthur P. Tugade led officials of the three GOCCs in delivering the checks to Finance Secretary Carlos G. Dominguez III, who accepted them on behalf of the Bureau of Treasury (BTr).

“I commend the Miaa, Caap and PPA under the stewardship of Secretary Tugade for setting a good example to other GOCCs in terms of practicing fiscal discipline,” Dominguez said.

The Miaa, Caap and PPA were among the top GOCCs to remit the highest amounts of cash dividends to the Treasury in 2017.

“I always tell our revenue-generating agencies to improve their collection. This is our way of contributing to the government, especially as we usher in the Golden Age of Philippine infrastructure,” Tugade said.

Dividends remitted by GOCCs to the BTr in 2017 amounted to P30.45 billion, representing a 9.8-percent increase from the previous year’s collections of P27.73 billion, the DOF said.

The finance chief said the 2017 dividend collections actually exceeded the P27.73-billion remittances in 2016 even if the Land Bank of the Philippines was exempted from paying its P6-billion dividends in 2017 to allow it to recapitalize and better serve the increasing development needs of the country.

Had these dividends not been exempted, the total dividends remitted to the government would have reached P36.45 billion.

Dividend collections totaling P30.45 billion last year came from 53 GOCCs, including the Caap, which had not remitted dividends for the past four years, but has now emerged as one of the biggest dividend contributors.

Besides the Caap, Miaa and PPA, among the other biggest dividend contributors were the Philippine Deposit Insurance Corp. (PDIC) with P7.46 billion; Development Bank of the Philippines, P2.51 billion; Bangko Sentral ng Pilipinas, P1.84 billion; National Power Corp. (NPC), P1.39 billion; Philippine Amusement and Gaming Corp., P1.18 billion; and Subic Bay Metropolitan Authority (SBMA), P923.6 million, among others.

One third of the 2017 remittances corresponds to collection of dividends in arrears of some GOCCs, such as the PDIC, Caap, SBMA and NPC.

 

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