Dividends remitted by government-owned and -controlled corporations as of July this year have reached a record high of P61.3 billion, the Department of Finance said Friday.
Finance Secretary Carlos Dominguez III said the unprecedented amount of dividend contributions come from 53 GOCCs, including the state-run Land Bank of the Philippines and the Development Bank of the Philippines, which were allowed to retain their cash contributions to enable them to shore up their capital to meet the country’s development needs.
“The dividends collected by the national government help offset the subsidies given out to state enterprises performing crucial social functions. They will go a long way in helping us hold down deficits and continue funding the infrastructure and social programs of President Duterte,” Dominguez said during the 2019 GOCC Day held at Malacañan Palace on Thursday.
The event was attended by President Duterte, Executive Secretary Salvador Medialdea and other Cabinet officials.