By Reicelene Joy N. Ignacio, June 30 2019; Business World

Image Credit to Business World

GOVERNMENT-OWNED and controlled corporations (GOCCs) remitted dividends amounting to P44.69 billion as of mid-June, up 57% from a year earlier, according to the Department of Finance (DoF).

In a statement Sunday, DoF Assistant Secretary Soledad Emilia J. Cruz said, “Cash dividend collection from GOCCs reached P44.69 billion as of June 14, 2019. We expect this to breach the P50 billion mark by the end of the year.”

According to the DoF, the Philippine Amusement and Gaming Corp. (PAGCOR) remitted P16.17 billion, leading the top 10 in terms of dividends generated.

The Philippine Deposit Insurance Corp. (PDIC) remitted P4.58 billion, while the Bangko Sentral ng Pilipinas remitted P4 billion.

The Philippine Ports Authority supplied P3.52 billion, followed by the Civil Aviation Authority of the Philippines (CAAP) with P3.51 billion.

The Manila International Airport Authority remitted P3.42 billion; Land Bank of the Philippines, P1.96 billion; National Power Corp., P842.38 million; Clark Development Corp., P815.77 million; and the Philippine Charity Sweepstakes Office P744.23 million.

Under Republic Act No. 7656, GOCCs should declare and remit at least half of their earnings as dividends to the national government.

The DoF noted that total cash dividends collected under the Duterte administration from July 2016 until mid-June 2019 amounted to P115.61 billion. — Reicelene Joy N. Ignacio