The Department of Finance (DOF) said Monday dividends collected from government-owned or controlled corporations (GOCC) reached P39.8 billion as of April 24, 2024, up from only P8 billion in the same period in 2023.
Finance Secretary Ralph Recto said the dividend rate remittance of the GOCCs was increased to 75 percent of their 2023 net earnings from the minimum of 50 percent as mandated by Republic Act (RA) No. 7656.
The government collected P99.9 billion in dividends from GOCCs in 2023, higher by 46 percent than P68.34 billion in 2022.
The Bangko Sentral ng Pilipinas was the top dividend contributor in 2023 with P55.6 billion, followed by the Philippine Deposit Insurance Corp. with P4.05 billion and Philippine Amusement and Gaming Corp. with P6.9 billion.
The other top contributors were Philippine Ports Authority with 4.4 billion, Power Sector Assets & Liabilities Management Corp. with P3.1 billion and the Philippine Charity Sweepstakes Office with 2.6 billion.
Recto issued Department Circular 003-2024 on Feb. 27, 2024 which provides the guidelines to implement the special provisions of the 2024 General Appropriations Act (GAA).
The circular will enable the DOF to mobilize substantial non-tax revenues from GOCCs’ unrestricted fund balances to unlock the unprogrammed appropriations of the 2024 GAA to fund the President’s priority programs and projects.
Recto is also pushing for the privatization of government assets which would lead to better operational efficiency and higher investment returns.
He ordered the Privatization Management Office (PMO) to recalibrate its list of assets for disposal to include those in mining, constructio, as well as residential and commercial lots, among others.