Marcos ensures remitted GOCC dividends to be used to improve Pinoys' lives
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President Ferdinand ”Bongbong” Marcos Jr. on Monday ensured that the dividends remitted by the government-owned or -controlled corporations (GOCCs) to the national government will be utilized to improve the lives of Filipinos.
Marcos graced the 2024 GOCCs’ Day at the Philippine International Convention Center (PICC) in Pasay City on Monday where he also led the awarding of Certificates of Acknowledgement of Dividend Remittances to the GOCCs.
Under Republic Act No. 7656, all GOCCs are mandated to declare and remit at least 50% of their annual net earnings as cash, stock, or property dividends to the government.
“Since those dividends also come from the people, let me assure you, that they will be carefully spent like the precious taxes that come from the sweat of their brow. It will be plowed back to them through projects and programs that will improve their lives today, and also create a better tomorrow for our children,” Marcos said.
“It will be invested back to growth-inducing activities that create jobs and harness opportunities,” he added.
Spearheaded by the Department of Finance, the GOCCs’ Day is a ceremonial turnover of dividends that began in 2011.
It aims to give recognition to the GOCCs for their dividend remittances to the national government, which contribute to the non-tax revenues to be used for the country’ development.
In 2023, the total dividend collections from 52 GOCCs amounted to P100.74 billion, which is 47% higher than the P68.34 billion collections in 2022, according to the Presidential Communications Office.
Marcos expressed confidence that the remitted dividends will be higher this year. The top 10 contributing GOCCs are as follows:
1. Land Bank of the Philippines – P32.12 billion
2. Philippine Deposit Insurance Corporation – P10.68 billion
3. Bangko Sentral ng Pilipinas – P9.2 billion
4. Philippine Ports Authority – P5.06 billion
5. Philippine Amusement and Gaming Corporation – P4.60 billion
6. Manila International Airport Authority – P3.45 billion
7. Subic Bay Metropolitan Authority – P3.07 billion
8. Philippine Charity Sweepstakes Office – P2.7 billion
9. Philippine National Oil Company – P2.64 billion
10. National Transmission Corporation – P2.16 billion
—AOL, GMA Integrated News
This article Marcos ensures remitted GOCC dividends to be used to improve Pinoys’ lives was originally published in GMA News Online.